In a landmark event in London, Otumfuo Osei Tutu II, the Asantehene, delivered a compelling address at the Citi Black Heritage Client Symposium, on the Asante Kingdom; Historical Legacy and Its Impact on Modern Economic Development.
The event, held in the heart of the City of London, brought together distinguished guests including former president of Ghana, His Excellency John Agyekum Kufuor, professionals from various fields of work and Citibank officials.
Otumfuo emphasized the inseparable relationship between human capital and financial capital for national development, stating, “Capital without the human is valueless, just as the human without capital is like an engine without fuel.” He praised the collaboration between the Asante Professionals Club UK and Citibank, expressing hope for a fruitful partnership aimed at mutual prosperity and development.
Reflecting on his 25-year reign, Otumfuo highlighted the resurgence of Asante cultural heritage and the alignment of traditional values with democratic governance in Ghana. Despite these achievements, he acknowledged the ongoing challenges influenced by the structure of the global economy, including economic instability and persistent poverty. He lauded former President John Agyekum Kufuor for transforming Ghana into a middle-income country but noted the difficulties in sustaining that growth trajectory.
Otumfuo critiqued the traditional approach to development in Africa, which he argued has overly relied on national governments at the expense of the private sector. He called for a shift towards empowering the private sector with the necessary capital to drive economic growth and development, citing the success of private enterprise in other regions like China.
“The time has come to move the dial from the rhetoric about the private sector as the engine of growth to the private sector as the driving force of the development agenda. The engine of growth has been without fuel and idle for three decades. It must be replaced with a full complement of entrepreneurs backed by investment capital.”
Addressing the historical context, Otumfuo challenged the City of London to leverage its financial prowess and historical ties to Ghana to foster economic development. He proposed the creation of a “Manhyia Special Initiative” in partnership with Citibank to support private sector ventures in Ghana, aiming to generate jobs and create wealth.
David Livingstone, Citigroup’s Chief Client Officer, echoed Otumfuo’s sentiments, drawing parallels between the rich histories of the Asante Kingdom and Citibank. He highlighted Citibank’s longstanding commitment to global economic innovation and progress. Livingstone expressed optimism about Ghana’s economic potential and reiterated Citibank’s support for initiatives that drive sustainable growth and development.
The symposium concluded with a mutual commitment to exploring opportunities for collaboration, emphasizing the importance of private sector involvement in Ghana’s economic future.
Ahead of his address, Otumfuo Osei Tutu II held a closed door meeting with Citibank officials and the executive Council of the Asante Professionals Club UK, facilitators of the event.
Story by Rhoda Onyinah