Otuasekan Rural Bank To Benefit From 600mC IFAD Loan

Kumasi, July 8, The International Fund for Agricultural Development (IFAD) has provided 600 million cedis to the Otuasekan Rural Bank at Kofiase in the Sekyere West District to be given as loans for income-generating activities in its catchment area. Other banks managing IFAD loans in the Ashanti region are Kwamanman, Juaben, Nwabiagya and Bosomtwe rural banks. Mr. B. K. Obeng, Chief Monitoring Officer, IFAD/Association of Rural Banks Monitoring Unit, announced this at the opening of an Agency of the Otuasekan Bank at Bimpomakro, near Maakro in Kumasi today. He praised the management of the bank for its equity shares mobilisation performance which made it one of the best rural banks in the region. Baffour Appiah Dankwah the third, Anantahene and Ashanti Regional President of the Association of Rural Banks, commended the performance of the Bank . Oheneba Kwame Kyeretwie, Apagyahene, who chaired the function asked rural banks to use part of their profits for community-initiated programmes in their catchment areas. The bank which also has agencies at Abofour, Mampong, Kyekyewere, Ejura and Nkenkansu is to operate as a Community Bank.