Otumfuo backs 24-hour economy policy

By Elizabeth PUNSU, Kumasi

The Asantehene, Otumfuo Osei Tutu II, has thrown his weight behind the government’s 24-hour economy policy, describing it as an innovative strategy capable of transforming the country’s industrial and economic landscape if properly implemented.

In a speech read on his behalf by the Chief of New Edubiase, Nana Oguahyia Oduro Panin Binkorang, at the  Joint 23rd Ashanti Business  and Financial Services Awards and 16th Ashanti Business Leaders Excellence Awards, Otumfuo noted that although many Ghanaians initially considered the concept vague and impractical, the establishment of the 24-Hour Economy Authority has brought clarity and direction to the policy.

According to him, the creation of the Authority marks a critical step toward the full implementation of the initiative and must be backed with urgency and commitment to achieve the intended results.

He particularly welcomed efforts aimed at securing sustainable and affordable power for industries under the programme.

“I therefore found it heart-warming that, in line with government’s commitment to the provision of affordable power to the industrial sector, the 24-Hour Economy Authority has signed a Memorandum of Understanding with an Indian renewable energy entity to produce affordable and sustainable power along the Volta Economic Corridor,” he stated.

Touching on industrialisation, Otumfuo endorsed calls by the Association of Ghana Industries (AGI) for stronger measures to protect local manufacturers and promote value addition to Ghana’s export commodities.

He reiterated his long-held position that the country must prioritise local processing of commodities such as cocoa, cashew, coconut and rubber before export in order to boost foreign exchange earnings and create more jobs.

The Asantehene also welcomed the Bank of Ghana’s directive for rural banks to transition into community banks, expressing confidence that the move would improve service delivery and accelerate rural development. He commended rural banks for their longstanding contribution to community development and challenged the new community banks to raise the standard of service delivery.

On illegal mining, popularly known as galamsey, Otumfuo lamented what he described as the lack of political will by successive governments to decisively tackle the menace. He warned that the continued destruction of forest reserves and pollution of water bodies posed serious environmental risks to the country.

According to him, all persons involved in illegal mining activities, including politically exposed individuals, must be prosecuted without fear or favour.

“If we are to win the fight against galamsey, all perpetrators should face the full rigours of the law and those found guilty made to pay a high penalty,” he stressed.

Otumfuo further congratulated award winners at the ceremony, describing them as the “cream of the cream” in Ghana’s business community. He praised them for their resilience and outstanding performance despite the difficult global economic climate.

Among the platinum award winners were Guinness Ghana Breweries Plc and State Housing Company Limited, while gold award recipients included Agricare Limited, Anita Hotel Limited, B5 Plus Limited, BOST Energies Company Limited, Food and Drugs Authority, Palb Pharmaceuticals Limited, Priklink Company Limited, St. Ben Jewellery, TotalEnergies Marketing Ghana Plc and Veronique Heights.

Silver award winners included Allai Farms, Dodi Travel and Tours, Gaso Petroleum Limited and Paa Solo Company Limited.

The financial services category honoured several institutions including Amansie Rural Bank Plc, Amenfiman Community Bank Plc, Asokore Mampong Community Bank Plc, Atwima Kwanwoma Community Bank Plc, Bosomtwe Community Bank Plc, Consolidated Bank Ghana Ltd., Enterprise Trustees Limited, Glico General, National Lottery Authority, Nwabiagya Community Bank Plc, Otuasekan Community Bank Plc, Sekyere Rural Bank Limited, SIC Insurance Plc, Social Security and National Insurance Trust (SSNIT) and Zenith Bank Plc. GCB Bank Plc and Ghana Export and Import Bank received platinum awards, while Pinnacle Life Insurance took the silver category.

Under the Business Leaders Excellence Awards, Ernest Kwabena Yeboah, Ashanti Regional Manager of Enterprise Insurance Co. Ltd., won the silver category. Gold award recipients included Dr. Kwame Agyaba Afriyie, CEO of Agyaba Jewellery; Akosua Ansah-Antwi, Managing Director of Enterprise Insurance Co. Ltd.; Freda Antwi Esq., CEO of Jofel Catering Services Limited; Randy Attuquaye Clottey, General Manager of Golden Bean Hotel; Kingsley Kofi Sefa Boakye, CEO of Sefa and Jane Agro-Chemicals Limited; Barbara Mensah, Director of Marketing at Lancaster Kumasi City; and Emmanuel Obeng Opoku-Opare of Desco Group of Companies.

Platinum honours went to Edward Yaw Frimpong, CEO of Edward Yaw Frimpong Company Limited; Nick Danso Adjei, Executive Chairman of Ghana Link Network Services Limited; and Prof. Dr. Kwame Kyei, CEO of Unity Oil Group.

Director, Top Brass Ghana, Isaac Dakwa, said the Ashanti Business Excellence Awards Scheme and Ashanti Financial Services Excellence Awards Scheme were instituted under the auspices of Manhyia Palace in 2004 to commemorate the fifth anniversary of Otumfuo’s enstoolment and to advance his vision for the economic development of Ashanti and Ghana. The Ashanti Business Leaders Excellence Awards Scheme was later introduced in 2015.

Clad in kente, seated in the middle is Chief of New Edubiase, Nana Oguahyia Oduro Panin Binkorang, on his left is Municipal Chief Executive, Oforikrom, Anwel Sadat Ahmed and on his right is Ing. Prof. Mike Agbeshie Acheampong in a group picture with award winners.

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