Sekyere Rural Bank admitted to membership of AFRACA

Jamasi (Ash), Aug 4, GNA - The Sekyere Rural Bank at Jamasi in the Afigya-Sekyere district of Ashanti has been admitted to the membership of the African Rural Credit and Agricultural Association (AFRACA) based in Nairobi, Kenya.

Mr Kwame Dapaa-Siakwan, Chairman of the Board of Directors of the bank, who announced this, said the bank together with the Atwima-Kwanwoma Rural Bank, also in Ashanti were the only two rural banks in Ghana to be admitted to the membership of the Association. Presenting his report at the 16th annual general meeting of the bank at Jamasi at the weekend, he said as a result of the bank's admission to the Association, the General Manager, Mr Kwadwo Obese Antwi was invited to Kampala, Uganda to present a paper on micro financing recently.

Mr Dapaa-Siakwan announced a dividend of 700 cedis per share amounting to 294.175 million cedis to shareholders in spite of a drop in its profit, which stood at 1.608 billion cedis as against 1.986 billion cedis the previous year.

He attributed the shortfall in the profit to the bank's computerisation programme and other operational charges. Deposits, the board chairman said, grew from 25.5 billion cedis to 36.5 billion cedis representing an increase of 40 per cent which exceeded the target.

Mr. Dapaa-Siakwan said the bank spent 75 million cedis in support of development projects in its catchment area as part of its social responsibility. Mr. K.A. Kusi, Head of Finance at the Apex Bank, called on the shareholders of the bank to increase their shares to meet the future demands of the bank. He said share mobilisation was critical to the survival of rural banks and as such all efforts should be made to boost the capital base of the banks.

Mr. Kusi commended the board, management and staff of the bank for their remarkable performance and urged them to continue to work with commitment and dedication to achieve the objectives for which the bank was established.