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15.08.2005 Regional News

Ghanaians urged to have confidence in rural banks

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Fomena (Ash), Aug 15, GNA - Mr J. Owusu-Boadi, Secretary of the Ashanti Regional branch of the Association of Rural Banks, has appealed to entrepreneurs to have new confidence in rural and community banks. Mr Owusu-Boadi said the impact rural banks had made on agriculture and micro businesses in recent times were indicative of the fact that "rural banks have come to stay".

He was addressing the 15th annual general meeting of shareholders of the Adansi Rural Bank at Fomena in the Adansi North District of Ashanti Region.

Mr Owusu-Boadi said rural banks in the region are playing leading roles in the government's poverty reduction efforts through the granting of loans to women groups and other co-operative groups to expand their small-scale businesses.

In addition, he said, "We are supporting development projects and offering scholarships to needy students".

Mr Owusu-Boadi, who is the Chairman of the Board of Directors of Odotobri Rural Bank at Jacobu in the new Amansie Central District, appealed to people to save with the rural and community banks. Nana Kwae Pinsan II, the Kusahene, commended the board and management of the bank for their dedication that had helped to elevate the bank from its distress status to become one of the fastest growing companies in the country.

"Let us transact business with the Adansi Rural Bank and avoid keeping monies under our beds to warrant harassment from armed robbers", the Kusahene said.

The bank declared a profit before tax of 1.4 billion cedis and a dividend of 126 cedis per share as against 1.2 billion cedis and 100 cedis respectively declared in 2003. 15 Aug 05