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Business News of Sunday, 28 March 2004

Source: GNA

Twifo Rural Bank grants 2.7 billion cedis loans to customers

Twifo Agona (C/R), March 28, GNA - The Twifo Rural Bank granted loans totalling 2.7 billion cedis to its customers in 2003 as against 1.8 billion cedis in 2002. Mr Francis Agyarko, Manager of the bank who disclosed this to the GNA in an interview at Twifo Agona on Friday said 654 million cedis of the amount went into agricultural activities. He said 588 million cedis went into trading businesses while the remaining went into cottage industries and transport business.

Mr Agyarko expressed concern over the repayment of the loans by some beneficiary farmers who diverted the proceeds from their cocoa sales to other buying agencies to avoid paying the leans to the bank. He appealed to customers, especially cocoa farmers to honour their obligations to the bank to enable them to get additional credit. Mr Agyarko said the bank mobilised 10.6 billion cedis in deposits in 2003 as against 5.1 billion cedis in 2002.

Mr Amo Fordjour, Accountant said the bank purchased 40 billion cedis Akuafo Cheques during the 2003/4 main cocoa season. He appealed to the government to rescind its decision to reduce cocoa purchases commission from one per cent to 0.5 per cent. According to him the overhead expenses of the bank continued to increase and if the commission was reduced it would adversely affect the operation of rural banks.

Mr Emmanuel Aboagye, Project Officer, said the Bank had so far granted a loan of 400 million cedis to 41 groups under the Social Investment Fund.

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