He said the prevailing interest rate is expensive for individuals and corporate businesses and scares away investment in the local economy.

Speaking at a ceremony to mark the relocation of the Sogakope branch of GCB Bank at Sogakope on Monday, the Paramount Chief described banks as necessary tools for the socio-economic development of the country and local economy.

The ceremony was attended by Mr Kobla Woyome, MP of South Tongu, Mr Ken Dzirasa, former Deputy Speaker of Parliament, Mr Emmanuel Agama, South Tongu District Chief Executive, Mr Robert Adamu, Head of Support Services Department of GCB, and other dignitaries.

Togbui Dugbaza commended the board and management of GCB for putting up an ultra-modern complex branch in Sogakope.

He urged the people in the area to patronise the services of the bank to improve on its fortunes and the local economy.

Mr Agama announced that the district has been included in the government’s business and investment agenda designed to woo business partners into Ghana.

He said GCB had a critical role in funding and spearheading the agenda, adding that business opportunities abound in Sogakope and surrounding communities.

He commended GCB Bank for paying its property rates regularly in the district.

The Ho Regional Manager of the Bank, Mr Mohammed Mipo, expressed appreciation of the management to the chiefs and opinion leaders of the Tefle Traditional Area for ensuring that a new branch premises was constructed to befit the status of the area.

He described the people as warm, hardworking and dedicated to the GCB brand and urged them to continue doing business with the bank.