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26.09.2004 Business & Finance

Akatakyiman Rural Bank supports poverty reduction

By GNA

Komenda (C/R), Sept 26, GNA - The Akatakyiman Rural Bank, granted loans totalling 1.7 billion cedis to its customers as against 960 million cedis last year, to promote their economic activities to reduce poverty.

It also gave out 370 million cedis to assist fishermen to purchase 16 outboard motors.

The Chairman of the Board of Directors, Mr Sam Awotwi, announced this at the Bank's 22nd Annual General Meeting at Komenda in the Central Region, on Saturday.

He pointed out that the success of a rural bank should not be measured only in terms of the profit it generated, but its sensitivity towards the needs of the people and its readiness to address them. Mr Awotwi noted that within nine months after moving into its new premises, the Bank increased its deposit base from 2 billion cedis in 2002 to 4 billion cedis.

He said that the Bank was seeking approval from the Bank of Ghana to operate on Saturdays, to enhance operations. The Board Chairman said the Bank assisted in the disbursement of 500 million cedis to traders and farmers groups in the Komenda-Edina-Eguafo-Abirem District.

He said the Bank last year, recorded 132 million cedis profit before tax, as against 55 million cedis the previous year, registering an increase of 77 million cedis or 140 per cent. The initial capital of 250,000 cedis in 1983 had increased to 123 million cedis as at August this year, although short of the present capital requirement of 500 million cedis.

To make up for the shortfall, the Bank had decided to launch a 'share purchase raffle' to be drawn at the next general meeting, he said and was urged the public to avail themselves of the opportunity to buy more shares.

Mr Awotwi said the Bank increased its investment in treasury bills from 1 billion cedis to 1.2 billion cedis at the close of the year under review, showing an increase of 200 million cedis, or 20 percent He said it also developed new products 'domestic money transfer and had plans for two more products 'the obatan enyidado savings and church development credit' to enable parents open accounts for their children and to assist churches, respectively.

As part of its social responsibilities the Bank granted bursaries to needy but brilliant students at the Komenda Secondary Technical School and was also assisting a medical student to undergo training in the United Kingdom.

The manager, Mr. E.T. Sai, urged more organisations and individuals to do business with the Bank, which he said, "Has all it takes to do serious banking transactions". 26 Sept 04

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