Mponua Rural Bank assists communities

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