Rural Banks urged to support farmers to acquire modern equipment

Akyem Osino (ER), Aug 24, GNA - Mr Samuel Ofosu-Ampofo, Eastern Regional Minister, at the weekend tasked Rural and Community Banks (RCBs) to support farmers to acquire tractors and modern equipment. In an address read on his behalf at the 21st Annual General Meeting of the Mumuadu Rural Bank at Akyem Osino, Mr Ofosu-Ampofo said that gesture would help the farmers to increase their production and income levels.

He appealed to borrowers to repay loans on time to enable the banks plough back the profits, so that other prospective applicants could also access loans for their businesses and agricultural activities. Mr Ofosu-Ampofo observed that the competition in the banking sector of late had been very hectic and urged the management of the Mumuadu rural bank to come out with innovative plans to be able to survive the competition. "You have to put in place innovative, scientific and modernized techniques in your operations to remain competitive in the Banking Industry".

The Regional Minister therefore challenged management of the bank to provide consistent training for its staff to be able to use new technological devices. He appealed to them to intensify their capital mobilization efforts to make the bank stronger to withstand any financial "Tsunami" which might rock them in the course of their activities. Mr Ofosu-Ampofo also tasked them to consider re-engineering their institutions in favour of more realistic and objective approach, to be enable cater for the numerous clients knocking at their doorsteps for financial assistance. He advised them to improve upon their customer, staff relationship and set up systems to deal with grievances or complaints of customers without delay.

Mr Ofosu-Ampofo urged them to float more shares, so as to increase their capitalization portfolio, and also to invite local investors to partner in the ownership of the bank. This, he said would open the doors to the wider public to perform business which could not be rendered by other rural banks. He entreated the bank to set aside some amount of money to provide basic social services like classrooms blocks, scholarship to students and provision of public places of convenience among others as part of their corporate social responsibilities. Mr Ofosu-Ampofo said the establishment of rural banks had come to fill a huge void in the banking sector at large and national payment systems in particular.

He said Government appreciated that role and assured them that it would create an enabling environment to promote and facilitate the activities of the banking sector, especially rural banks. 24 Aug. 09