Bawjiase Rural Bank expands micro financing

Awutu Bawjiase (C/R), Aug 1, GNA - The Bawjiase Area Rural Bank has disbursed 25.8 billion cedis to over 150 women's groups under its Micro Finance Credit Scheme to expand their businesses. Mr Emmanuel Osei, Chairman of the Board of Directors, speaking at the 17th Annual General Meeting of the Bank at Bawjiase in the Awutu-Effutu-Senya District of the Central Region, said it formed part

of the 36.8 billion cedis granted as loans to its customers to improve or expand cottage industry, transport, commerce, agriculture and other ventures. He praised the women for the prompt repayment of their loans and urged them to adopt other measures to improve their performance. Mr Osei said the micro finance programme would be expanded to reach more people and clients of the Bank.

The Chairman stated that the Bank posted a total income of 5.9 billion in the year 2006 as against 4.7 billion cedis the previous one and said its investment in government bonds and other securities increased from the previous 10 billion to 11.5 billion cedis in 2006. Mr Osei indicated that in view of the falling interest rates the Bank decided to increase its investment in micro financing instead of treasury bills.

He proposed the transfer of 377.9 million cedis of the net profit for the construction of a Head Office for the Bank at Awutu Bawjiase. The Chairman assured the shareholders of the determination of the Directors to consolidate the gains made in the past six years to move the Bank forward. "Hard work, sound and prudent practices and discipline will be our hallmark", Mr Osei stated.