Rural bank holds annual general meeting

Dadiesoaba (B/A), Dec. 20, GNA - The Tano-Agya Rural Bank at Dadiesoaba in the Asutifi District of the Brong-Ahafo Region has held its fifth Annual General Meeting (AGM) for shareholders and customers at Dadiesoaba.

The Bank could not hold annual general meetings for five consecutive years owing to its precarious financial position, which nearly caused its near collapse.

In an address, the interim management committee (IMC) chairman Mr. Mark Owusuansah announced that the bank, under its new IMC has made a net profit of 106 million cedis during its one-year in office in 2002 from an appalling deficit of 37 million cedis.

He attributed the gains to effective management and customer commitment and expressed the hope that more gains would be chalked in its 2003 period.

Mr. Owusuansah announced that the bank intends to provide bursaries and scholarships to brilliant but needy school children of its shareholders and cherished customers as from next academic year. He said a modest amount of 10 million cedis has been set aside to begin the project and the amount would increase with time.

Mr. Owusuansah assured shareholders and customers of the bank that apart from good service and loans to customers, the bank would intensify its funding of income-generating activities in the area to enable the youth acquire employable skills self-sufficiency.

A representative of the ARB Apex Bank, Mr. Yaw Sarpong announced that the Apex Bank has plans to establish five more offices in the country.

He revealed that a programme, which is underway to computerize all rural banks in the country in three years would begin next year. The Dadiesoaba Nkosuohene and guest of honour of the occasion, Nana Obeng Amoako Gyampah urged people in the bank's catchment area to embrace it by buying more shares and saving with the bank to enable it grow in leaps and bounds.

He lauded the performance of the IMC and expressed the hope that it would continue its good work to uplift the bank from its mediocre status.

Nana Gyampah purchased a total of 500 shares valued at five million cedis when shares were opened at the meeting.

The six-member IMC was later inducted into office as substantive board of governors under its chairman Mr. Owusuansah.

Performing the induction, the President of the Brong-Ahafo Regional Branch of the Association of Rural Banks (ARB) Mr. Wiredu Peprah noted that the bank can only assume an enviable character if the board is accorded the necessary assistance by customers and communities in its catchment area.

He urged the board to be guided by transparency and accountability in order to enjoy the confidence of customers.