Dumpong Rural Bank disburses 100 million cedis to 500 women

Asakraka(E/R), Nov. 29, GNA 96 The Government in collaboration with ARB Apex Bank and Management of Dumpong Rural Bank at Asakraka in the Kwahu South District have disbursed 100 million cedis to more than 500 women under the micro finance loan scheme. In addition, Government and ARB Apex bank have allocated more than one billion cedis to the bank for disbursement to its customers under the Community Based Rural Development Programme (CBRDP) Loan Scheme.

The beneficiaries were farmers, traders and small scale business entrepreneurs to help alleviate poverty within its operational area. Mr Anthony Osafo Antwi, Chairman of the Board of Directors of the Bank, announced this at the Annual General Meeting of the bank at Asakraka at the weekend.

He said although the bank failed to make profit last year, it was able to mobilize 6.6 billion cedis as against 7.4 billion cedis in 2004 and granted loans and overdrafts totalling 1.09 billion cedis to its customers. The Board Chairman said the bank had been nominated by Government to participate in the Millennium Challenge Account (MCA) programme and urged the shareholders to increase their shares to enhance the capital base of the bank.

He commended the ARB Apex Bank for providing 4.5 billion cedis towards restructuring of the bank. Mr Kwadwo Aye Kusi, Head of Finance of ARB Apex Bank, advised the shareholders to elect board members with competence, skills, knowledge and experience to run the bank.

He advised them to be committed and dedicated to rural banking since it was the easiest and surest alternative channel to rural development as most of the funds under CBRDP, Social Investment Fund, Poverty Alleviation and Farmers Assistance Funds were channel through the rural banks for disbursement towards poverty alleviation in the rural communities. Mr Kusi urged managements of rural banks to use part of their profits to address the developmental needs of the people within their catchments areas to enhance their living standards. 29 Nov. 06