GCB, SSB jump back after slump in trading
Duffuor call for stringent measures against fraudulent officials
Nandom Rural Bank declares profit
Akuapim Rural Bank makes 154.3 million cedis profit
GCB, SSB jump back after slump in trading
Accra (Greater Accra), 23rd August 99
Despite big losses by some equities, the All-Share Index of the Accra bourse on Friday made a comeback with Ghana Commercial Bank (GCB) and SSB Bank (SSB) making gains after Wednesday's slump.
The index thus closed the week stronger with 5.14 points at 783.46 after it had lost 11.8 points on Wednesday.
The market, which was more active than the previous session, saw 12 of the 21 listed equities recording bigger sales compared to the seven equities that made sales previously.
Total shares traded ended the week at 186,500 shares from 154,900 shares while demand also closed higher at 284,200 shares compared to 191,000 recorded at the last session.
Shares on offer were, however, lower from 1.6 million shares to 1.3 million.
Market capitalisation closed the week higher at 3,272.80 billion cedis, up from 3,264.71 billion cedis.
In the broader market, five equities registered price changes - two up and three down.
GCB, which lost 103 cedis in mid-week trading, gained 60 cedis to close the week at 850 cedis while SSB made 20 cedis at 2,000 cedis.
Aluworks Company Limited (ALW) and British-American Tobacco Company lost 100 cedis and 30 cedis to finish the week at 2,500 cedis and 380 cedis respectively.
Accra Brewery Limited (ABL) ended the week less by one cedis at 399 cedis.
The following are the last prices of listed equities in cedis:
ABL 399 -1
AGC 18,700
ALW 2,500 +100
BAT 380 -30
CFAO 40
EIC 1,990
FML 1,249
GBL 1,550
GCB 850 +60
GGL 1,005
HFC 750
MGL 220
MLC 180
MOGL 16,00
PAF 290
PZ 840
SCB 21,060
SPPC 180
SSB 2,000 +20
UNIL 1,950
UTC-E 125
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Duffuor call for stringent measures against fraudulent officials
Senya Beraku(Central Region) 23 Aug. 99
The Governor of the Bank of Ghana (BOG), Dr Kwabena Duffuor, has called on management of rural and community banks to apply appropriate sanctions against offending officials to stem the tide of fraud.
He attributed the collapse of many rural and community banks to weak internal controls and urged them to adopt stringent measures to sustain their banks.
These were contained in a speech read on his behalf at the commissioning of Union Rural Bank at Senya-Beraku in the Central Region on Saturday.
Dr Duffuor said BOG has intensified its inspection of rural and community banks and provided guidelines with the Association of Rural Banks for staff and directors to curb fraudulent deals.
He identified poor loan recovery as a major problem drawing back many rural banks and advised the board of Union Rural Bank to be prudent in granting credit.
The Governor said that since their inception in the country about 23 years ago, rural banks have made significant contribution to the banking system.
He expressed the hope that they would work harder to play a more useful role in the country's economic growth.
As at March this year, deposits mobilised by the 110 rural and community banks stood at 123.6 billion cedis, representing 5% of total deposits in the banking system.
Dr Duffuor urged rural banks to strive to obtain at least 10% of deposits within the next five years.
He expressed concern about the practice where some rural banks employ officials who have been dismissed from other banks without reference to their previous employment history.
Mr Kwesi Essel Koomson, Chairman of the Board of Directors, said the bank has a paid up capital of more than 61 million cedis, twice the initial working capital required by Bank of Ghana.
He said since its inception three months ago, the Bank has mobilised over 52 million cedis, invested about 40 million cedis in fixed deposit and made a modest profit of five million cedis.
Mr Koomson announced plans to operate car raffle to generate more funds to strengthen the financial base of the Bank
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Nandom Rural Bank declares profit
Nandom (Upper West) 23 Aug. 99
Nandom Rural Bank in the Upper West Region last year made a net profit of 64.2 million cedis as against 19.7 million cedis it made in 1997.
For the first time since its establishment in 1983, the bank also declared a dividend of 23.8 million cedis as a result of its impressive performance last year.
Mr Jacob Yirerong, chairman of the Board of Directors of the bank, announced this on Saturday at the 17th annual general meeting of the bank.
Out of a gross profit of 71.6 million cedis, the bank paid 7.6 million cedis as taxes.
Through an intensive fund mobilisation drive, the bank was able to raise its deposit level from 320.5 million cedis in 1997 to 595.1 million cedis last year.
The bank disbursed a total of 348.8 million cedis to its customers, mostly women, to assist them to undertake income-generating activities.
Naa Purbe Khiiri, Nandom Naa and Member of the Council of State, appealed to the citizens of the area and those resident abroad to save with the bank to make it more viable.
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Akuapim Rural Bank makes 154.3 million cedis profit
Mamfe Akuapim (Eastern Region) 23 Aug. 99
The Akuapim Rural Bank Limited made a net profit of 154.29 million cedis last year as against 53.46 million cedis in 1997, representing an increase of 188.6 per cent.
The total income of the bank amounted to 627.56 million cedis over the 1997 figure of 393.56 million cedis, while total assets of the bank grew to 1,927.93 million cedis as compared to the 1997 figure of 1,266.75 million cedis.
The chairperson of the board of directors of the bank, Dr (Mrs) Gloria Nikoi who announced this at the 18th annual general meeting of shareholders of the bank at Mamfe Akuapim described the bank's achievement "as a robust growth in all aspects of its operations during the year under review."
Deposits of the bank amounted to 1,311.33 million cedis, over 885.65 million cedis declared in 1997, while the bank's investment totalled 910.24 million cedis as against 567.24 million cedis in 1997.
Mrs Nikoi said the bank granted loans and advances amounting to 625.6 million cedis to customers, a growth of 74 per cent over the 1997 figure of 359.38 million cedis.
Mrs Nikoi said the bank would continue with its banking on wheels and women in development programmes, the school savings schemes, as well as employment creation workshops as a means of demystifying the bank's operations and increasing its mobilisation base.
She said the bank, in collaboration with the district assemblies of Akuapim North and South, is disbursing the poverty alleviation fund of 68 million cedis for Akuapim North and 143 million cedis for Akuapim South, respectively.
Under the bank's donation policy, it would continue to assist communities, health institutions and schools within its catchment areas to improve their standard of living, Mrs Nikoi said.
The District Chief Executive of Akuapim North, Mr Anthony Gyampo, commended the bank for its contribution and assistance to the district.
Mrs Rosetta Annan, wife of Mr Justice D. F. Annan, Speaker of Parliament, who is also the Director of Women in Agriculture at the Ministry of Food and Agriculture, and Mr William Biney, Managing Director of Little Acre Hotel, Aburi, were elected unopposed as new members of the Board of Directors.
Mr E. M. Gyasi and Mr Seth Akrasi, former board directors whose terms of office expired were re-elected unopposed.
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