The Asantehene, Otumfuo Osei Tutu II, has proposed the ‘Manhyia Special Initiative’ in collaboration with Citibank and the Asante Professionals Club UK. This initiative is to provide a robust funding vehicle to support private sector ventures in Ghana.
In a speech delivered in London’s financial district, the Asantehene stressed that this initiative is not a request for charity, but a strategic move towards mutual prosperity.
Addressing a distinguished audience that included former President of Ghana, John Agyekum Kufuor, representatives from Citigroup, scholars, diplomats, and industry leaders, he called for a stronger partnership between human and financial capital to drive Ghana’s development.
The Asantehene pointed out the untapped potential within Ghana and Africa, stressing that relying solely on government-led development is insufficient. Drawing parallels with China’s transformation through private enterprise, he urged substantial investment in the private sector to stimulate growth and create jobs.
He paid tribute to former President John Agyekum Kufuor for his achievement in elevating Ghana from a Heavily Indebted Poor Country (HIPC) to a middle-income nation but lamented the challenges in maintaining this progress. He called for a paradigm shift towards a development approach that gives a more significant role to the private sector.
Addressing the global context, the Asantehene stressed the importance of tackling economic disparities to prevent issues like migration and social instability. He appealed to the City of London to leverage its historical ties with Ghana to foster economic development, contributing to global stability.
Confident in the future, he urged all stakeholders to begin working on the ambitious mission to transform Ghana’s economy through innovative partnerships and strategic investments.
David Cowen, Citigroup’s Senior Economist for Africa, pointed out that Ghana is important to the world because of its economy and culture, especially due to its cocoa and gold. He praised Otumfuo’s efforts in cultural preservation and emphasized the role of reclaiming cultural assets in enhancing cultural exchanges between Ghana and the world.
David Livingstone, Citigroup’s Chief Client Officer, drew comparisons between the rich history of the Asante Kingdom and Citibank’s legacy of innovation.
He noted Citibank’s continued involvement in global economic activities, including significant operations in Ghana’s cocoa and gold industries. Livingstone affirmed that Citibank remains committed to fostering economic progress in Ghana and across Africa.
