Rural banks urged to work hard

Nsuaem Number Two (Ash), Dec 20, GNA - Rural and Community Banks have been urged to work hard especially in the areas of deposits and shares mobilization, described as the life blood of every financial institution. Additionally, they need to do more to satisfy the credit needs of customers by way of quality loans that would enable them to operate profitably despite the continuous fall in interest rates. Mr Eric Osei-Bonsu, the Managing Director of the ARB Apex Bank, said this in an address read for him at the maiden annual general meeting and official opening of the Bosome-Freho Rural Bank at Nsuaem Number Two in the Bosome-Freho District.

He drew attention to the need for the banks to build good corporate imag= e so as to ensure loyalty of customers and patronage of their products. Nana Yaw Ofori-Kuragu, Chairman of the Board of Directors, said the bank, which is in its first year of operation had, mobilized GH¢108,752.8= 2 cedis in savings with a share capital of GH¢160,000.00. Its investments stood at GH¢30,000.00 and total assets coming up to GH¢486,894.32. He said the bank was working hard to open branches at Asiwa, Achiase, Morontuo, Bodwesango and Asafo-Kumasi. Barima Offe Akwasi Okogyeasuo II, Paramount Chief of Kokofu Traditional Area, advised the people to save with the bank and buy more shares to expan= d the bank's capital base.