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20.06.2005 Regional News

Nyakrom Rural Bank disburses funds to small, medium enterprises


Agona Nyakrom, (C/R), June 20, GNA - The Nyakrom Rural Bank, in the Agona District of the Central Region has disbursed 10.2 billion cedis to small and medium scale enterprises to expand their businesses. Mr Abraham Blessed Bonney, Deputy Project Officer, said more than 9,000 people including women groups had benefited from a micro finance credit scheme aimed at helping to reduce poverty among the people in the area.

Speaking to the GNA in an interview, he said the bank gave out the money to enhance the quality of life of the beneficiaries and to enable them to meet their children's education. He said the bank had launched two new products known as the Short-term Savings Account and Over Draft for market women, traders and farmers. Mr Bonney explained that the products had been designed to assist them to increase their ventures. He said the bank also offered technical advice to farmers while market women and traders were given accounting, bookkeeping and other records keeping skills to use the facilities judiciously.

The Deputy Project Officer said the products were made for the customers of the Bank at Agona Nyakrom, Agona Swedru, Lower and Upper Bobikuma, Abodom, Winneba and Kasoa to improve their businesses. He said the bank had set aside a substantial amount to help Churches in the area to put up buildings, purchase land and preparing documents on them, adding that, more than four churches had benefited.

Mr Bonney stated that a fast track processing of loans for salaried workers had been adopted to enable them pay their children's school fees and to meet other personal problems. He said loan recovery from the customers had been encouraging since the scheme was started in 2002. Mr Bonney appealed to Non-governmental Organisations, the Agona District Assembly and the Ministry for Women and Children Affairs to assist the bank with more funds to enable it to reach out to the people to reduce poverty.