Atwima-Kwanwoma Rural Bank improves on its operations

Kumasi,(Ashanti Region) 12, Oct. '98 The Atwima-Kwanwoma Rural Bank in the Amansie West district of Ashanti showed significant improvement in its operations from December last year to June this year.

Total deposits of the bank increased from 2.6 billion cedis to 3.5 billion cedis within the period, an increase of about 900 million cedis (30 per cent) which makes it one of the rural banks with the most impressive mobilisation record.

Mr Godfried Odame-Asare, supervising manager of the bank, who reviewed operations of the bank at its 15th annual general meeting held at Pakyi Number Two at the weekend, said advances made to customers also increased from 779 million cedis to 950.6 million cedis, an increase of about 22 per cent.

He said the ordinary share capital has increased from 79.7 million cedis to 99.9 million cedis, a rise of about 25 per cent within the period.

According to Mr Odame-Asare, with the mandatory secondary reserves requirement of 52 per cent of total deposits, investments in treasury bills increased from 1.8 billion cedis in 1997 to 2.5 billion cedis as at June, 1998, making it the highest in the country.

The bank received an on-lending loan of 123 million cedis from the Bank of Ghana (BOG), and it is the first bank to pay off the loan to BOG. As at June 1998, the bank showed an excess capital of 24 per cent which exceeded the required ratio of six per cent.

Within the second quarter of the year, it paid over 182 million cedis as interests on savings to its customers.

The bank, incorporated in September 1983 with an initial capital of one million cedis, had by the end of August this year, mobilised 3.7 billion cedis in the form of deposits from 19,000 customers within its catchment area and the agencies at Santasi, New Tafo, Old Tafo and Kejetia, all within the Kumasi metropolis. GRi