Bosomtwe Rural Bank invests in tourism
"Tomorrow's World" exhibition opens
Bosomtwe Rural Bank invests in tourism
Kuntanase (Ashanti Region) 8 Dec ’99
The management of Bosomtwe Rural Bank has acquired a 4.5-acre plot of land at Adwafo, near the Lake Bosomtwe in the Bosomtwe-Atwima-Kwanwoma district to be developed into a tourist resort.
Mr Paul Kwaku Antwi, chairman of the board of directors of the bank, who announced this said feasibility studies on the proposed Bosomtwe Recreational Centre project by the Ghana Tourist Board (GTB) has proved that the project is viable.
Mr Antwi was addressing the 11th annual general meeting of shareholders of the bank at Kuntanase in Ashanti last Tuesday.
He said the bank recorded a net profit of 91.7 million cedis in 1998 as against 59.4 million cedis in 1996, an increase of about 54.4 per cent.
The total assets of the bank rose from 1.4 billion cedis in 1996 to about 3.6 billion cedis in 1998, a growth of about 120 per cent.
Investments by the bank also increased from about 574 million cedis in 1996 to 1.3 billion cedis in 1998 representing 120 per cent growth.
The bank granted a total of 1.4 billion cedis in loans and overdrafts to its customers in 1998 as against 804 million cedis in 1996.
He explained that about 570 million cedis went into agriculture, 347 million cedis, in trading activities, 339 million cedis to salaried workers, 195 million cedis in transport and 10 million cedis for cottage industries.
Mr Antwi said since 1997, about 890 million cedis has been provided under the IFAD/SCIMP project to the bank for lending to 119 poor rural small-holder farmers' groups and agro-processing and marketing groups.
He announced that the bank has been selected to participate in the United Nations Development Programme (UNDP), Microstart (Ghana) Programme, saying the bank is among 68 micro-financing institutions which contested for appraisals and assessment under the programme.
Under the programme, technological equipment such as computers and banking software as well as motorbikes, power generators and funds for capacity-building and for lending to the rural poor will be received by the bank.
The chairman said about 70 million cedis has so far been received by the bank from the district assembly under the Poverty Alleviation Fund for lending to 25 farming, fishing and agro-processing, marketing and artisan groups in the district.
Mr Isaac K. Nyame, Bosomtwe-Atwima-Kwanwoma District Chief Executive, said there is no doubt that the performance of rural banks in the past two decades has brought to the fore the significance of grassroots resource mobilisation towards national development.
He said hitherto, rural communities were denied the benefits that came with the establishment of banks even though they contributed very greatly to the sustenance of the banks.
"Today rural banks everywhere have become the pivot for resource mobilisation and economic enhancement of the people".
Mr Nyame said the assembly intends to allocate 200 million cedis to the bank under the poverty alleviation fund this year, adding that so far about 50 million cedis has been transferred to the bank and the balance will be transferred before the end of the year.
The DCE appealed to the directors and shareholders of rural banks to find ways of improving services to their customers by charging competitive rates.
GRi../
"Tomorrow's World" exhibition opens
Accra (Greater Accra) 8 Dec. ’99
A multi-purpose exhibition, dubbed "Tomorrow's World", opened at the Accra International Conference Centre (AICC) on Wednesday to create business avenue for exhibitors.
Mr Tim Gros, Exhibition Director, said the four-day exhibition is a "business-to-business" show to create contacts between local and foreign industries.
It is a forerunner to a series of similar events to promote the application of technology in the new millennium.
Over 60 companies, including 24 foreign companies, are expected to exhibit at the show, jointly organised by Expo Promotions and Ghana Investment Promotions Centre (GIPC), with support from WorldSpace Corporation.
It is to showcase how business organisations are preparing for the next millennium.
Many companies, including those in the telecommunication, aviation, financial, multi-media, automobile, fuel, food and beverage and computer industries have mounted their exhibits or are raising their stands.
The opening day was marred by a row between an exhibitor, the organisers and security personnel over space.
Autoparts Ghana Limited (AGL), dealers in Nissan vehicles, was stopped from displaying vehicles in front of the main building of the Accra International Conference Centre by a security man.
According to the security man, who did not disclose his name, AGL could not be allowed to exhibit in front of the conference building for security reasons.
The Marketing Manager of AGL, pleading anonymity, said his company paid and was allotted that space, adding that "if we cannot have that space then it is not worth exhibiting."
In an interview with the GNA, Mr Tim Gros, the Exhibition Director, said AGL will be allotted an alternative space, but the AGL marketing manager, who drove off one of the exhibits, said his company will no more be part of the exhibition.
"We will collect our money back," he said.
GRi./