Directors, managers of rural, community banks to update knowledge

Directors and Managers of the Rural and Community Banks would be given sufficient orientation on the regulations and bye-laws of banking early next year to ensure compliance of Apex ARB Bank Legislative Instrument (LI) 1825 passed by the Parliament in 2006, Mr Emmanuel K. Kwapong, Managing Director of Apex has said.

He said the orientation was aimed at strengthening the operations of the rural and community banks to enable them to render quality services to the people in the rural and urban areas.

Speaking on behalf at the 20th Annual General Meeting of the Gomoa Ajumako Rural Bank at Afransi in the Gomoa District of the Central Region at the weekend, Mr Kwapong said the Act will assist the banks to solidify their operations and make them viable financial institutions in the country.

The MD noted that the banking industry has become so much sophisticated that the slightest disturbance to the equilibrium could put a customer off, saying that it was their expectation that banks would work to sustain the progress, even in the face of stiff competition.

He stated that, the most essential tool of governance in any financial institution was clearly the well- informed and ethical board of directors guided by the principles that will ensure effective work.

Mr Kwapong said there was absolute necessity for the management and staff to operate within the legal framework to promote transparency in managing the affairs of their banks.

"Management and staff should be mindful of the fact that their survival depends largely on the survival of the bank and it was incumbent upon them to guard jealousy against certain individuals who may have entered the bank to become billionaires overnight," the MD stated.

He urged shareholders to be watchful and ensure that, the bank was managed well; as owners of the bank they should be more interested in knowing what goes on within the bank to promote its operations.

Mrs Rose Newman, Chairperson of the Board of Directors of the Bank said during the year under review in 2006, the bank made profit before tax of 17.07 million cedis.

She stated that deposit increased from 2,560.67 million cedis in 2005 to 3,421.51 in 2006 which represented an increase of 34 percent.

Mr Robert Arkoh, General Manager of the Bank said management has put in place measures to motivate the staff to improve the operations of the bank in the next financial year.

She said the management, in consultation with the Board of Directors of the Bank had introduced new products to support businessmen and women in catchment areas of the bank to expand their businesses.

Mr Arkoh announced that the Chief of Gomoa Afransi Nana Ogyedom Otabil Kwesi Atta V, would early next year donate 10 computers and accessories valued at 40 million cedis to the bank to augment efficient operations of the bank.