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24.08.2005 Regional News

Amanano bank to retrieve 297 million cedis from loan defaulters

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Nyinahin (Ash), Aug 24, GNA - The Amanano Rural Bank at Nyinahin is considering a court action to retrieve outstanding loans totalling 297 million cedis granted to customers between 1996 to 2003.

Mr Osei Amo-Mensah, the Chairman of the Interim Management Committee (IMC) of the bank, appealed to those affected to settle their debts in good time to avoid court action.

As a result of mismanagement, the bank went into distress and the Bank of Ghana took over in December 2003 before the IMC was put in place in May last year.

"We implore all loan beneficiaries to settle their indebtedness in time," Mr Amo-Mensah said.

The Chairman said the IMC had adopted prudent measures to streamline the management of the bank and appealed to the shareholders to patronise the bank by increasing their shareholdings. Mr Yahaya Yakubu, the Manager of the bank, said within one year of the existence of the IMC, the bank was able to record a profit before tax of 821.5 million cedis representing 400 per cent over that of 204.6 million cedis recorded in the previous year.

The Manager said 130 million cedis were disbursed among 75 clients in October last year under the bank's micro-finance programme.