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04.10.2008 Business & Finance

Establish internal audit units o oversee baks’ operations- Manager

By gna

Mr. Samuel Patrick Awatey, Sunyani branch Manager of the APB Apex Bank Limited has emphasized the need for Managers of Rural Banks to set up Internal Audit Units to oversee the implementation of the banks system, control and to check fraudulent deals.

Mr. Awatey was addressing stakeholders of Nkoranza Kwabre Rural Bank at its 24th annual general meeting at the headquarters of the bank At Akuma at the weekend.

He said such audit units would manipulate the resources of the bank to ensure that loans and credit facilities were offered to trust-worthy people and not individuals who would refuse to refund the money granted to them.

The branch manager called on the bank managers to educate their customers about the bank's policies and always try to provide the public with better services, saying, customer care should be the major priority of every business.

He commended the stakeholders for their efforts towards the growth of the bank in the area and urged them to work assiduously to sustain the bank and for the development of the communities.

Mr. Joseph Tachie Djan, Chairman of the Board of Directors, complained that army-worm infestation that affected maize farms and climatic conditions during last season in the Nkoranza District also affected the yield of the farmers, which caused the reduction of the bank's profits.

He noted that the negative attitude of loan defaulters was a major challenge to the bank last year hence it could not realize any surplus in the year as compared with the previous years.

He however disclosed that the bank made a total deposit of GH 1,316,281 Cedis as against GH 966,000 cedis in the previous years, which, he said indicated a 36 per cent increase in net income, adding the bank could offer GH 1,128 758 Cedis as loans and advances to customers.

Mr. Tachie Djan disclosed that through the support of the Community Based Rural Development Project (CBRDP), a mango project was begun on pilot basis for some selected customers and farmers who saved with the bank and that some of the farmers were in morringa and cashew cultivation.

He assured stakeholders and customers of the bank that in spite the challenges, the bank would do everything possible to help maintain its status.

Mr. Kofi Busia, Presiding Member of Nkoranza South District Assembly, advised the management of the bank to initiate pragmatic measures to address the challenges encountered by the bank and appealed to stakeholders to pay regular visits to the bank so they could identify problems to ensure that resources and logistics were judiciously used.