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General News | Mar 31, 2004

Economics Performance Banks

GNA

Bawjiase Area Rural Bank tops all in Central Region

Agona Swedru (C/R), March 31, GNA- The Bawjiase Area Rural Bank in the Awutu-Effutu-Senya District put up a remarkable achievement in investments and profit making in 2002 than any of the 21 rural banks in the Central Region.

Mr Jonah Ayitey, Administrative Secretary, Central Chapter of the Association of Rural Banks, who disclosed this to the Ghana News Agency (GNA) in an interview at Agona Swedru on Tuesday said Bawjiase Area Rural Bank made a net profit of 528 million cedis in the year 2002.

He said the Bank's main activity in the previous years was based on the Industrial Starch Factory of the President Special Initiative (PSI) on Cassava cited at Awutu Bawjiase.

He said apart from that, some Non-governmental organization (NGOS) operating in the area were also doing serious business with the bank, saying that it has embarked on micro credit scheme for some women in the catchment areas of the bank.

Mr Ayitey said the Agona Rural Bank also placed second with a profit margin of 251 million cedis in 2002 whilst Breman Brakwa Rural bank came third with a profit of 219 million cedis.

He noted that Kakum Rural Bank in the Twifo Lower Denkyira District placed forth with 202 million cedis as its profit in the year under review and Akoti Rural Bank made a net profit of 194 million cedis.

Mr Ayitey said only three of the 21 rural banks in the Central region did not hold its annual general meeting in 2002, due to internal problems encountered by the management and board of directors.

He hoped that the banks would make serious amends to their operations and hold their general meeting for shareholders to appreciate their efforts.

The Administrative Secretary said the banks in the Central Region are making giant strides in profit making ventures including micro credit and 'Susu' schemes being operated in the various catchments areas.

He said some of the rural banks are operating in the areas which has economic potentials thus helping them to make huge savings in their operations

Mr Ayitey called on the companies, organisations and individuals in the Central Region to patronise the activities of rural banks to enable them to make more profits in order to reduce poverty in the communities.

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