Nkrankwanta to get rural bank

Nkrankwanta (B/A), Sept. 07, GNA- The Bank of Ghana (BoG) has expressed its satisfaction with the preparedness of the people of Nkrankwanta in the Dormaa District of Brong Ahafo towards the establishment of a rural bank in the area.

Mr. Ishmael Adam, leader of a delegation of the BoG, which was in the town to assess the community's readiness, made this known at a grand durbar to round off their visit to the area. He assured that the town had met all the necessary requirements for the bank's smooth take-off. He explained that the Central Bank's delay in granting the request was due mainly to the community's inability to meet the laid down criteria on time.

"Our findings are that the Nkrankwanta community is now fully prepared to own and efficiently run the facility without difficulty", Mr. Adam added.

He said rural banking started in the country 31 years ago, when the big urban-based banks felt reluctant to decentralize and support small-scale businesses in the rural areas. Mr. Adams appealed to prospective shareholders and customers of the new bank to promptly pay loans granted to sustain it. Squadron Leader Ben Anane Asamoah (rtd), Dormaa District Chief Executive, commended the people of Nkrankwanta for working diligently to become eligible for the rural bank. He appealed to traditional authorities and opinion leaders in the area to ensure that qualified and professional personnel were recruited to work at the bank.

Nana Kwabena Asemia, Chief of Nkrankwanta, noted that the establishment of a rural bank in the community was long over due and commended Bank of Ghana for the provision of the facility. "The absence of a rural bank in our community has compelled us to play the subsidiary to Kaaseman Rural Bank for the past 17 years and also rely heavily on banks in Dormaa-Ahenkro", the chief said. Nana Asemia announced that during the 2006/2007 main cocoa season, the eight accredited cocoa purchasing companies in Nkrankwanta moved a total of GHC125.6 million from banks in Dormaa-Ahenkro to pay their staff and cocoa farmers. He described the situation as unsafe and called on the BoG to speed up its processes and get the rural bank in place ahead of the 2007/2008 major season.