Bank official urges Ghanaians to pay back loans

Bank attains 98 per cent loan recovery rate

Rural bank launches "Bronya Sika" raffle

Gomoa Dawurampong (Central Region), 1^st November 99

A former Deputy Governor of the Bank of Ghana (BOG), Mr. E.F. Anno, has reminded Ghanaians that monies loaned out to them by financial institutions are not gifts.

Organisations and individuals benefiting from loan schemes initiated by rural banks must, therefore, settle their debts promptly to keep the banks going.

Mr. Anno, who is also Chairman of the Board of Directors of Akyempem Rural Bank, was speaking at its 14th Annual General Meeting at Gomoa Dawurampong at the weekend.

He warned that the bank would institute stiffer penalties against its loan defaulters and advised them to honour their debt obligations within the next few months.

Mr. Anno said the bank made a net profit of 72.8 million cedis and assisted parents of 238 students in various educational institutions with loans totalling 108 million cedis.

It has also set aside 38.3 million cedis as dividend for its shareholders and increased its deposit from 18.2 million cedis to 121.1 million cedis during the 1998 operational period.

Mr Raymond Amanfu, Manager, Banking Supervision Division of BOG, advised rural banks to initiate programmes that will promote the socio-economic wellbeing of people within their catchment areas.

They should also embark on intensive staff training programmes and remove all bottlenecks that militate against their efficient operation.

GRi

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Jirapa (Upper West), 1^st November 99

The Sonzele Rural Bank Limited at Jirapa in the Upper West Region has recovered 98 per cent of loans granted to its customers last year.

During the period, the Bank granted a total of 152.4 million cedis as against 92.5 million cedis it gave out as loans in 1997.

This was announced by Mr. Sylvester Deri, Chairman of the Bank's Board of Directors at the annual general meeting of shareholders held at Jirapa on Saturday.

He said the Bank made a net profit of 36.5 million cedis but could not declare dividends to its shareholders owing to previous poor performances.

The Bank, which is one of two rural banks in the region, was established in 1985, the other bank is the Nandom Rural Bank.

The Chairman noted with satisfaction that the Bank of Ghana has now changed the rating of the bank from mediocre to satisfactory adding that it has also been classified among the top10 rural banks in the country.

He, therefore, appealed to shareholders and interested persons to buy more shares in the Bank in order to raise its capital from 30 million cedis to the new target of 100 million cedis.

Mr. David Osei-Wusu, Upper West Regional Minister called on the staff and officials of the Bank to avoid malpractice that undermine the growth and survival of rural banks.

GRi

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Koforidua (Eastern Region), 1^st November 99

The South Akim Rural Bank has launched a "Bronya Sika" Deposit Account at the "Dwapa" trade and tourism fair at Koforidua.

Under the scheme, customers are to deposit a minimum of 100,000 cedis with periodic or monthly deposits and cannot withdraw it except in December of each year.

Customers, who maintain a minimum balance of 200,000 cedis, would qualify for a raffle ticket and could win a 20-inch colour television set, radio/cassette player, knapsack sprayer or half pieces of wax prints.

The Member of Parliament for Suhum, Mr. Solomon Akwetey, launched this year's raffle at a ceremony in Koforidua on Friday.

Mr. Festus Ofosu, Senior Manager of the Bank, said the raffle was "to reward the bank's customers for their loyalty in patronising the bank and also to enable them win Christmas gifts as we enter the next millennium".

The Chairman of the Bank's Board of Directors, Mr M. N. Afrifa-Gyasi called on the customers to patronise the scheme to enable them to improve upon their living standards.

He said the bank would continue to introduce schemes that would better the welfare of its customers.

GRi

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