The ARB Apex Bank and the Rural and Community Banks (RCBs) have reported a significant setback of over GH¢1.10 billion resulting from the completion of the Domestic Debt Exchange Programme (DDEP) by the government.

The Managing Director of ARB Apex Bank, Mr Alex Kwasi Awuah, disclosed this during the 37th Annual General Meeting of the Weto Rural Bank.

The meeting was held at the bank's headquarters in Kpeve, the capital of South Dayi District in the Volta Region.

Addressing the gathering, Mr Awuah expressed the gravity of the situation, stating: "As you are all aware, ARB Apex Bank and the RCBs took a hit of more than GH¢1.10 billion in the recently completed Domestic Debt Exchange Programme (DDEP)."

He acknowledged the imperative of devising effective strategies to ensure the continued growth and sustainability of these banks, given the ongoing economic challenges that the country faces.

Despite these challenges, he emphasised the vital role of technology in the modern banking sector. He revealed that the long-anticipated Agency, Mobile, and Internet Banking project was on the horizon, with Point of Sale (PoS) devices already procured and delivered to the country.

He disclosed that two esteemed project consultants were scheduled to arrive in the country to facilitate the Train-the-Trainer and User Acceptance Workshop, paving the way for the first phase of the project – the implementation of the USSD Banking Solution.

Mr. Awuah also urged the management of Weto Rural Bank to adopt a more proactive approach, highlighting the untapped potential for small, medium, and individual enterprise development in Kpeve and its surroundings. He appealed to the bank's directors and shareholders to increase their investments, enabling the bank's management to engage customers with confidence.

The Board Chairman of Weto Rural Bank, Mr. Sebastian K. Atsrim, further revealed that dividends totaling GH¢100,000.00 for the year 2022 were approved for distribution, equivalent to GH¢0.00209 per share. This marked a significant development, as dividends had not been disbursed since 2019 due to the bank's strategy of building reserves and adhering to a regulatory directive from the Bank of Ghana (BoG).

Amidst these financial fluctuations, Weto Rural Bank experienced a 38% decline in Profit Before Tax (PBT), with figures dropping from GH¢829,886 in 2021 to GH¢512,490 in the financial year 2022. However, shareholders praised the bank for its support, citing assistance in the form of loans for education, agricultural ventures, and investments in local small and medium businesses.