Pakyi No 2 (Ashanti Region) 22 July 2002- The Atwima-Kwanwoma Rural Bank has since last year introduced four new products to expand its activities, Mr George Kyei-Baffour, Chairman of the Board of Directors of the bank has announced.
The products, he said included the Susu savings and loans, "Dwetire" Women's Group Loan, Church Development and Travel Finance schemes. Mr Kyei-Baffour said this in a report at the 19th Annual General Meeting of shareholders at Pakyi Number Two, in the Amansie West District of Ashanti on Saturday.
He said the bank mobilised 2.7 billion cedis from 7,500 susu customers while 1.1 billion cedis were advanced to 400 susu customers as at May last year. He said with the 'Dwetire' groups, the bank mobilised 410 million cedis from 37 groups since the programme started five months ago, adding that a total of 791 million cedis had been advanced to 22 groups to undertake various ventures.
"So far six churches have been assisted with a total of 180 million cedis to renovate their church buildings, buy musical instruments and also to begin church buildings and pastors' residences," he said.
Mr Kyei-Baffour said the bank's travel and finance scheme was yet to gain grounds and that so far 21 customers who travelled outside the country had been assisted with a total of 12.7 million cedis out of which five had already repaid in full.
He told the shareholders that the bank recorded a net profit of 1.8 billion cedis last year and that the total deposits increased from 8.7 billion cedis in 2000 to 16.9 billion cedis. He indicated that investments in treasury bills rose from seven billion cedis last year to 13 billion cedis in 2001, while ordinary shares recorded an increase from 243 million cedis to 337 million cedis.
He said a total of 200 million cedis was earmarked by the bank for the construction and rehabilitation of community development projects such as water, toilets, schools and entertainment, while 60 million cedis had been set aside to grant scholarships to children of basic schools in its catchment area this year.
Mr Philip E. Cobbinah, Deputy Chief Manager of the Banking Supervision Department of the Bank of Ghana (BOG), said the invaluable role provided by rural banks over the years had attracted the support of international organisations.
He stressed that banking services being provided by the rural banks would improve considerably with the take off of the Apex Bank and urged rural banks to ensure that management was strengthened with the necessary structures to guarantee the smooth and successful operation of the Apex bank.
Mr Cobbinah said the BOG was committed to supporting the steady growth and development of a potential rural banking system capable of harnessing resources in the rural communities for sustainable socio-economic development.
"The BOG, will therefore, continue to exercise monitoring and supervisory functions over rural banks in the most efficient manner and also provide support towards achieving improved performance", he said.
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