Mfantseman Community Bank issues ultimatum to loan defaulters

Biriwa (C/R), May 24, GNA - The Board of Directors of the Mfantseman Community Bank has given defaulting beneficiaries of the Social Investment Fund (SIF), contracted through it, up to June 15, 2009 to pay back the loan in full or face prosecution. Making the appeal through the Ghana News Agency at Biriwa in the Central Region, Reverend George Ato Mends-Graves, Chairman of the Board of Directors, warned the loan defaulters to meet the deadline to avoid embarrassment.

Rev Mends-Graves cautioned the beneficiaries not to regard the facility as a free-gift from the previous government. He said the ARB Apex Bank which guaranteed the loan was being forced to repay and that management had also decided to deduct the outstanding amount from Bank's accounts at the Apex Bank. He said if the repayment situation did not improve, the Bank would not be able to render satisfactory accounts to its shareholders at its Annual General Meeting. Mr Peter Mensah, Manager of the Bank, appealed to District Chief Executives and the Member of Parliament to educate the people to be aware that loans were not "party moneys".