Don't employ dismissed bank staff, BOG official

 Spain holds two-day exhibition

Mponua Rural Bank assists communities

Apam (Central Region) 24 Nov ’99

Mr Emmanuel Asiedu-Mante, head of Banking Supervision Department of the Bank of Ghana (BOG) has cautioned rural banks not to employ dismissed bank staff.

He said the central bank deplores "sacrificing good quality staff for lowly paid inefficient staff."

In an address read for him at the 18th Annual General Meeting (AGM) of shareholders of the Gomoa Rural Bank at Apam, he emphasised that "the practice where dismissed staff of other banks find solace in rural banks is unacceptable."

Mr. Asiedu-Mante said that inasmuch as BOG is willing to assist rural banks to achieve their objectives within the banking law, it would not condone any practice that would undermine the safety and soundness of the financial system in the country.

He advised bank directors to seek advice from BOG when in doubt about the appointment of any staff.

The Gomoa District Chief Executive, Mr Kow Anyanful, appealed to BOG to sanction banks that refuse to honour cheques and drafts from rural banks.

He said because of this practice, some departments and institutions no longer accept cheques and drafts from rural banks.

The DCE explained that the situation does not only impede the growth of the rural banks, but also affects effective work of some establishments.

Mr Andrew B. Simpson, chairman of the board of directors said the bank made a profit of 16.1 million cedis after tax in 1998 as against 10.1 million cedis made in 1997.

He appealed to shareholders to increase their share capital to give the bank a strong capital base.

GRi../

Accra (Greater Accra) 24 Nov. '99

A two-day exhibition of Spanish products opened in Accra on Tuesday with a call on Ghanaian manufacturers to go beyond being manufacturers' representatives and explore greater and better opportunities in the sub-region.

Mr Kwesi Ahwoi, Chief Executive of Ghana Investment Promotion Centre (GIPC), said the policy of "Buy Made-in-Ghana goods" would help develop the potential for this aggressive marketing.

The fair, the biggest ever to be organised in Africa, seeks to promote and explore the market for Spanish products. It is designed to encourage local industries to develop and utilise their potentials in order to compete globally.

In a speech read for him, Dr John Frank Abu, Minister for Trade and Industry, urged the exhibitors to take advantage of Ghana's export processing zone facilities under the gateway programme and establish permanent marketing relations.

Companies in the free-zone sell up to 30 per cent of their output in Ghana.

Dr Abu reminded the exhibitors of abundant investment opportunities in construction, transportation, fish processing and packaging, among others, and urged them to explore these areas.

He also called for support schemes for Ghanaian exporters to increase their performance in the Spanish and EU markets.

Mr Fernardo Corral, Spanish Ambassador, said the fair shows the trust and confidence Spain has in Ghana and the good relationship between the two countries.

Products being exhibited include food products, electrical and electronic gadgets, spare parts, alcoholic and non-alcoholic beverages, clinical supplies, perfumes, footwear.

GRi../

Amuanna-Praso, (Eastern Region), 24^th November 99

The Mponua Rural Bank has spent more than 10 million cedis to finance a number of development projects for communities in the Birim North, Kwahu South and the Asante Akim South districts, where it operates.

The Bank has also made financial donations to the Ghana Heart Foundation and the National Trust Fund.

The projects included rural electrification, provision of furniture and roofing sheets for schools, assistance for the construction of clinics and water facilities.

The Chairman of the Board of Directors of the Bank, Mr. Emmanuel Owusu said this when he addressed the seventh annual general meeting of shareholders at Amuanna Praso on Tuesday.

He said, it is the responsibility of the Bank to assist community initiated projects in its catchment areas to enhance the standards of living of its customers and shareholders.

Mr. Owusu said the Bank made a profit of 24.9 million cedis last year as against 12.8 million cedis the previous year, while its total income rose from 147.4 million cedis the previous year to 271 million cedis in 1998.

Shareholders equity increased from 14.2 million cedis in 1997 to 30.9 million cedis last year an increase of 118 per cent.

He appealed to shareholders to increase their individual shares to 50, 000 cedis each to increase the Bank's capital base.

Mr. Owusu said, the Bank purchased 2.6 billion cedis of Akuafo cheques last year as against two billion cedis the previous year, while its deposits rose from 699.9 million cedis in 1997 to 1.2 billion cedis last year and granted loans and overdrafts totalling 344.5 million cedis to its customers.

GRi