PERFORMANCE OF MOST RURAL BANKS ENCOURAGING — SAYS OSEI-BONSU (PAGE 23, JAN 23, 2010)

THE Managing Director of the ARB Apex Bank Limited, Mr Eric Osei-Bonsu, has stated that the performance of most Rural and Community Banks (RCBs) in the country has been very encouraging in recent times.
Those banks, he said, had consistently registered impressive deposit mobilisation and increases in share capital which were indications of growing public confidence in the rural bank system.
Mr Osei-Bonsu said this in a speech read on his behalf at the 23rd annual general meeting of the Suma Rural Bank at Suma Ahenkro in the Jaman North District in the Brong Ahafo Region.
He advised shareholders of all RCBs in the country whose contributions over the years had led to the impressive performance in the rural banking sector to increase their capital and also to buy more shares in order to meet the Bank of Ghana’s (BOG’s) GH¢150,000 minimum share capital requirement deadline by the close of the year.
During the year under review, the bank recorded a profit before tax of GH¢21,140 as against GH¢3,647 in 2007. The amount also represents 561 per cent increase during the year under review over the previous year.
Mr Osei-Bonsu, therefore, commended the board members, shareholders, management and staff of the bank for their hard work and urged them to work harder to get more profit in the years ahead.
The Chairman of the Board of Directors of the bank, Mr F.O. Gyan, said the bank increased its deposits from GH¢1,056,398 to GH¢1,291,672 while its total loans, overdrafts and advances increased from GH¢623,885 to GH¢977,866, representing 56 per cent.
He said most of the loans went into agriculture, transport, trading, industries, among others.
Mr Gyan said the bank’s share capital rose from GH¢56,297 to GH¢56,987.
He said the bank had introduced three micro finance programmes known as ‘Susu products’, including Golden Susu savings, Big six savings and Anidaso group savings.
Mr Gyan stated that under the Susu products, any contributor who was able to contribute for three successful months without any withdrawal from his or her account qualified for 100 times loan.
He, therefore, encouraged all and sundry to get involved in that programme for more assistance.
For her part, the District Chief Executive (DCE) for Jaman North, Hajia Amina Amadu, advised loan beneficiaries to repay the loans in time so that the money could be given to others who needed finance assistance from the bank.
The DCE advised farmers, hunters and palm-wine tappers against bush burning during the harmattan season, warning that severe sanctions would be taken against defaulters.
Hajia Amadu praised the bank for its outstanding performance and urged the shareholders to maintain the standard.
The Senior Manager of the bank, Mr Adjei Amponsah, emphasised that the bank was always prepared to assist people in the catchment area.
He, therefore, called on the inhabitants who did not patronise any banking services to do so to secure their future and also benefit from the services rendered by the bank to improve their lot.