Mr Mawutor Goh, Ho Municipal Chief Executive, has called on banks to make collaterals for loans 'area specific' to make it possible for fledgling businesses in towns and villages to also benefit.
He said current requirements were over and above the capacities of micro businesses that should be spinning the economy into rapid growth.
Mr Goh was addressing a ceremony to formally open the Stanbic Bank branch in Ho, which started operations about six months ago.
He said the decision to open a branch of the bank in Ho was an historic one which should transform Ho from a mainly formal sector into a bustling private sector business led municipality.
Mr Alhassan Andani, Stanbic Managing Director, said the bank had put a lot into training its staff to make a big difference in banking.
Mr Emmanuel Asiedu Mante, Board Chairman of the bank, said its entry into Ho was "with a bang" whose ricochet would remain unmatched by competitors.
Mr Peter Atsu Gakpey, Branch Manager of the bank, had come to stay judging from the goodwill it is enjoying only six months of operations in Ho.
Regent Felix Akati, who represented Togbe Afede XIV, the Agbogbomefia of Asogli, praised the bank for its social responsibility policy.