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24.10.2005 Business & Finance

Abokobi Rural Bank makes good strides

By GNA
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Accra, Oct. 24, GNA - The Abokobi Area Rural Bank Limited with over 2,000 shareholders recorded an impressive performance in its operations in 2004 declaring a dividend of 150 cedis per share. The Bank mobilised more than 10 billion cedis during the year under review compared to 6.7 billion in 2003 representing a growth of 49.6 per cent. Total assets rose from 8.3 billion cedis in 2003 to 12.2 billion cedis.

Shareholders at the 13th Annual General Meeting on Saturday unanimously voted 400 million cedis from the Bank's income surplus account of about 1.4 billion cedis to raise its stated capital to the 500 million cedis minimum requirement by the Bank of Ghana. Speaking at the meeting, Mr Sam Clegg, Board Chairman, said the Bank recorded a tremendous increase in the short-term investment portfolio from 4.5 billion cedis in 2003 to a current figure of more than 7.0 billion cedis.

"The increase was the direct result of prudent funds management policies adopted by the Directors and Management," he explained. Mr Clegg said the Bank granted a total of 3.4 billion cedis as loans and overdrafts to customers during the year adding that with the declining Treasury Bill rate in the financial system, the bank hoped to give more to faithful customers in the ensuing years. He said the "Susu" (Aboshika) Scheme, one of the Bank's money mobilisation programme, would be reviewed and contributors would be given more credit facilities to boost their economic activities and urged traders to take advantage of it.

Mr Clegg said following the Bank's achievements, the Bank of Ghana gave the Abokobi Area Rural Bank approval for them to open its second branch at Dome, near Achimota, in Accra. On social responsibilities, he said the Bank in the past three years had been facilitating teaching and learning in first cycle institutions in its catchments zone.

Mr Clegg said the Bank assisted students through the payment of allowances to teachers as well as the provision of logistics. This was in addition to its scholarship scheme under which it was catering for three students in secondary schools.

He said the Board and Management would pursue prudent policies in line with future objectives such as the introduction of more rural based products that would provide micro-credits and effective and efficient maximisation of profits to ensure future payment of good dividends to shareholders. Mr Clegg and Mrs Esther Osei-Adjetey, a Board Member, were re-elected to serve on the Board.

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