Modern Ghana logo

FEATURED: Can We Blame Religion For Africa’s Economic Woes?...

15.08.2005 Business & Finance

Apex Bank urges Rural Banks to patronize bullion vans


Mepe (V/R), Aug 15, GNA - Mr E.K. Kwapong, the Managing Director of the ARB Apex Bank, has called on rural banks to patronize the Specie Supply Services (SSS) the Apex Bank is rendering to avoid losing millions of cedis during cash evacuation.

He said due to the increasing spate of armed robbery there was the need for rural banks to use the Apex Bank's bullion vans in their cash evacuation because they are more secure and cheaper. Mr Kwapong said this in a speech read on his behalf at the 13th Annual General Meeting of the Mepe Area Rural Bank (MARB) in the Volta Region on Friday.

He appealed to directors of rural/community banks to operate within the rules and regulations outlined by the Bank of Ghana to guide them in their activities.

''The Apex Bank will maintain its policy of supporting the development and growth of efficient rural and community banks as integral part of the banking system.''

Mr Isaac E.K. Adukonu, the Chairman of the Board of Directors of the MARB, said the bank made a net profit of 191,943 million cedis last year as against 106,400 million in 2003 and granted advances totalling 2.686 billion cedis with the agricultural sector enjoying the biggest share.

He appealed to citizens of Mepe and the shareholders to increase the share capital from its current 206 million cedis to 500 million cedis within the next two years as required by the Bank of Ghana to avoid the risk of being closed down or merge with another rural bank.

Mr Ephraim Kofi Dzinyela, the President of the Volta Region Chapter of the Association of Rural Banks, expressed concern about what he termed "loan delinquency" facing all rural banks and appealed to the management of all banks not to hesitate in adopting any legitimate means in retrieving such loans. 15 Aug 05