Continue education on re-denomination - Apex Bank MD

Awutu Bawjiase (C/R), July 24, GNA - The Managing Director of ARB Apex Bank, Mr Emmanuel Kwapong, has called on Rural and Community Banks to intensify their public education on the re-denomination of the Cedi to enable people to price their goods and services.

He observed that in spite of the advertisements in the media, the exercise was still a problem for people to grapple with. Mr Kwapong's call was contained in a speech read on his behalf at the 17th Annual General Meeting (AGM) of the Bawjiase Area Rural Bank at Awutu Bawjiase, in the Central Region.

"All rural banks must ensure that the old cedi paid-in by clients are not given out as withdrawals, since there is a target date for the completion of the old currency and the pay out of the old currency will not help the system," he said.

He stated that the Millennium Challenge Corporation had provided 18 million dollars to support the computerization and infrastructure development of rural and community banks in districts benefiting from the Millennium Challenge Account including the Bawjiase Area Rural Bank. Mr Kwapong noted that the project would enable the banks to improve their services.

He said an attachment programme had been arranged with the Africa Rural Agriculture Credit Association (ARACA), to help rural banks in the country to join the Association.

Mr Emmanuel Osei-Bonsu, President of the Association of Rural Banks, in a speech read on his behalf said the banks would continue to focus on rural financial intermediation as a poverty reduction measure and a vehicle for rural development.

He pointed out that efforts were being made to promote rural banks in the three northern regions to enhance the poverty reduction strategy of the government. Mr Osei-Bonsu indicated that the Association would continue to negotiate salaries and conditions of service of rural and community bank workers with the Industrial and Commercial Workers Union to avoid industrial disputes.

He said the Association was also working through its regional chapters and the 123 rural banks in the country to fashion out a programme to collaborate with the Ghana AIDS Commission to curb the spread of the disease. Mr Osei-Bonsu commended the Bawjiase Area Rural Bank for posting an impressive profit of 2 billion cedis as against 1.7 billion cedis in the previous year.

Mr Emmanuel Osei, Chairman of the Board of Director, said the bank paid 159 million cedis as corporate tax to the government and increased its total assets increased from 26.8 billion cedis the previous year to 30 billion cedis in 2006.

The bank granted loans and advances of 36 billion cedis in 2006 as against 22 billion cedis the previous year and paid a dividend of 25 cedi per share amounting to 400 million cedis as against 16 cedis per share the previous year.

He said the bank granted 37 million cedis as scholarship to three brilliant but needy students to pursue further education in tertiary institutions.

Nana Obaatan Otoo, a Director of the Nyakrom Rural Bank, who stood in for Dr Samuel Dufu, Chairman of the Board of Directors of ARB Apex Bank, praised the board, management and Staff of the Bawjiase Area Rural Bank for their hard work and urged them to maintain it. He commended them for the effective internal control and monitoring measures it had put in place. 24 July 07