Deal with Mistrust Fueling Cash Hoarding; Asantehene to GCB

Otumfuo Osei Tutu II, Asantehene, has urged GCB Bank PLC to address mistrust and perceptions discouraging the use of banks for safe money keeping.

The King observes that cash hoarding is prevalent among traders in Ghana, partly due to past incidents such as the banking sector cleanup and cases of fraud.

According to him, the total cash kept in homes, businesses, and other places exceeds the amount held in banks.

“There are a lot of cash out there. They are being kept in safes, rooms and work places. There are more money out there than in the banks. See how you can get them to keep them in the banks…The distrust comes from past incidents. You need to convince people that you can keep their money safely for them,” His Majesty told Management of the Bank during a courtesy call on February 28, 2025.

He suggested that this may entail finding means to reach out to them and convince them for the money.

“Someone is keeping his money in his house how do you get them to give them to you for your operations? Someone is in the market trading he/she won’t come to your air-conditioned office. You need to find ways to go to them. That worker at the Magazine soiled with oil has the money and has refused to go to bank to keep it, devise ways to get them to be interested in saving at the banks.”

Economic Impact
Otumfuo further expressed his dissatisfaction with the whole banking sector when it comes to aiding economic development.

He sees that the banks are basically into buying and selling money which only gives them an appealing balance book without any impact on the country’s growth.

“The banking sector is not helping our economy to grow. The operation is centred on treasury bills purchase which makes you balance book attractive. How are banks helping the economy? You invest all your money in treasury bills so the economy is not impacted…The whole conversation about import substitution depends on agriculture and so pressure will always be on our cedi. The nature of agriculture discourages Banks from investing.”

“Chasing corporate institutions to invest in your bank and purchasing treasury bills isn’t banking to me…I’m not amused about the economy. We are waiting for investors but no investor will be enticed by a bad economy.”

Otumfuo suggested the banks designate some funds for long term investments in the agric and the industrial sectors.

“Devise plans to help industries and farmers. Engage the government for some funds with low interest rate to invest in these areas.”

Introduction
GCB Bank PLC was at the Manhyia Palace to introduce Mr Farihan Alhassan as the new Managing Director.

He was in the company of Socrates Afram, the Deputy MD of Finance & Director, Sina Kamagate, Executive Head of the Retail Banking Department, Jessie Jacintho, General Counsel, Dominic Kobbina, Head of Operations, Nana Kwabena Yeboah, Head of HR, Ferguson Yahaya, Chief of Staff George Afful, Regional Manager and others.

In his speech, he requested the blessings of the Asantehene to undertake the mandate.

“I have always come here as a grandson. Today I’m happy to be here not just as a grandson but also as the Managing Director of the biggest Bank in the country. Our mission here is to introduce me to Nana. He knows me already as his grandson but the Bank deems it fit to introduce me to him as the next person to take the Bank to the next level.”

“While he is my grandfather and knows that I have been appointed, I seek his blessings and permission to go out there and make him proud.”

Source: opemsuo.com/Hajara Fuseini