"Despite global economic challenges Rural Banks are performing creditably" — Mr. Kojo Buabeng

By Benedict Kweku Nkrumah || Contributor

Social News

MON, 11 NOV 2024

The Board Chairman of Agona Rural Bank Limited, Mr. James Kojo Buabeng, has shared that despite global economic challenges, rural banks in Ghana, including Agona Rural Bank Limited, have made notable strides to support the local economy.

“Although Ghana saw some economic improvements in 2023, persistent challenges remain, such as high inflation, limited growth, and pressures on public finance and sustainability. However, the banking sector has shown significant recovery as the adverse effects from the Domestic Debt Exchange Program and macroeconomic challenges began to ease,” he explained.

Speaking at the 37th Annual General Meeting of Agona Rural Bank Limited held in Agona Kwanyarko, Mr. Buabeng highlighted the bank’s impressive performance. The bank's total assets grew from GHC 21,624,121 in 2022 to GHC 26,604,992 in 2023, marking a 23.03% increase. Customer deposits also grew by 26.90%, rising from GHC 18,132,384 in 2022 to GHC 23,009,708 in 2023. Additionally, loans and advances saw a 46% increase, growing from GHC 8,995,145 in 2022 to GHC 13,221,783 in 2023.

Mr. Buabeng encouraged shareholders to increase their investment in the bank to help Agona Rural Bank meet the Bank of Ghana’s capital requirement for rural and community banks, which stands at GHC 1,000,000. “As of December 31, 2023, Agona Rural Bank’s capital level was GHC 872,511, meaning we need an additional GHC 127,489 to meet the minimum capital requirement,” he noted.

Former Board Chairman Major Ben Donkor (rtd) commended the Board, management, staff, and shareholders for their commitment to the bank’s growth.

The Chief Executive Officer, Mr. Philip Lovemore Amedofu, assured attendees that the bank operates strictly within the regulations set by the Bank of Ghana and continues to support economic development within its community. He echoed the call for shareholders, customers, and potential investors to purchase more shares, adding that Agona Rural Bank Limited has consistently ranked among the top rural banks in Ghana.

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