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29.08.2004 Business & Finance

Shareholders of Rural banks asked to increase shares

By GNA

Awutu Beraku (C/R), Aug 29, GNA - The President of the Association of Rural Banks, Dr Samuel Duffu, has advised shareholders of rural and community banks to increase their shareholdings to enable such banks to operate on sound economic footing.

''It would also help the banks to declare appreciable dividends to individuals and organisations that have bought shares,'' he said. Dr Duffu was addressing shareholders of the Awutu Beraku Rural at their 15th Annual General Meeting at Awutu-Beraku on Saturday.

He said even though the rural banking concept is an excellent system designed to improve the lot of the rural communities, it cannot operate successfully and satisfactorily without adequate stated capital. It is therefore imperative on the shareholders to increase their shareholdings and also encourage others to buy more shares to raise the working capital of the banks, Dr Duffu added.

The Omanhene of the Awutu Traditional Area, Abokuadi Agyeman Otabil II, commended workers and directors of the bank for their good work and advised then to keep it up.

The Omanhene urged the bank to continue to support agriculture and education sectors to promote the welfare of the Awutu people and the nation.

Mr Abraham Larbie, chairman of the bank's board of directors, said the bank chalked up a net profit of nearly 560 million cedis during the past year.

Mr Larbie warned recalcitrant loan defaulters to strive to repay their loans or prepare to face prosecution.

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