Akuma (Brong Ahafo) 03 December 2001- The Nkoranza -Kwabre Rural Bank in the Brong Ahafo Region realised a net profit of 39 million cedis in the year 2000 as against 32 million cedis made the previous year.
Mr. Donald Ofei-Ofosu, Chairman of the bank's board of directors, announced this at the 17th annual general meeting of shareholders in Akuma at the weekend.
The bank's total deposit for the year under review stood at 1,079 billion cedis, while its ordinary shares rose from 22.5 to 27.6 million cedis.
Mr Offei-Fosu said loans and advances granted to the bank's customers totalled 930.7 million cedis and covered areas such as agriculture, transport and trading.
He, however, expressed regret that the share capital of the bank was not encouraging, as it did not meet the mandatory requirement of the minimum share capital expected to be maintained by every rural bank.
The chairman therefore, appealed to the people to purchase more shares in the bank. Mr. Offei-Fosu noted that the repayment of loans, totalling 226 260 million cedis granted to some individuals by the bank under the poverty alleviation fund had not been encouraging.
He advised the beneficiaries to pay back for others to benefit from the facility, warning that the recalcitrant ones would be prosecuted.
Mr. Kwabena Adjei-Acheampong, Secretary of Brong Ahafo Regional chapter of Rural Banks, said all rural banks would as from next year operate under the apex bank, which would serve as a central bank.
The apex bank, he explained, would be responsible for clearance of cheques, movement of cash to the banks, training of staff and directors, and the inspection of activities of the banks to buttress operations of the Banks of Ghana.
Mr. Adjei-Acheampong said the minimum share capital for every rural bank had been raised from 32 million cedis to 100 million cedis and appealed to the bank's shareholders to purchase more shares.
Mr. Kwame Ampofo-Twumasi, District Chief Executive for Nkoranza, announced that the two rural banks in the district, Kwabre and Fiagya, had been selected by the government to contract loans for people under the social relief fund.
He advised management of rural banks to ensure transparency in their financial transactions to pave way for the programme, as more money would be deposited in the banks for the exercise. He urged people in the area to patronise the rural banks to enhance their socio-economic activities.
Mr Solomon Tachie, Manager of the Bank, commended the shareholders for their relentless efforts in ensuring the sustenance of the bank since its inception about 18 year ago.
GRi…/
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