ARB APEX Bank access funds for micro financing

Agona Nyankrom(C/R), Nov. 27, GNA - Mr Emmanuel Kwapong, Managing Director of ARB Apex bank, last Friday said the bank had access funds from Government for micro financing and poverty alleviation programmes. He said the bank as a mini-central bank for rural and community banks had the interest of rural banks at heart and would offer the needed assistance to enable them operate efficiently and effectively to achieve their objectives.

Mr Kwapong announced this in a speech read on his behalf at the 29th Annual General Meeting of Agona Nyankrom Rural Bank at Agona Nyankrom.

He called on the Board of Directors and Managements of Rural and Community Banks to take advantage of these facilities for the benefit of their customers.

Mr Kwapong said training programmes would be organized for staff of the bank to acquire more skills to handle micro finance programmes. On the bank's operations, he said its investment in Treasury Bills increased from 2.2 billion cedis in 2004 to 3.5 billion cedis in 2005, adding 93The 59.5 per cent increase is a reflection of prudent operations and urged the management to improve on their performance.=94 Mr Kwapong said the bank's growth of 50 per cent in deposits from 6.1 billion cedis in 2003 to 9.3 billion cedis in 2005 was a good indication of patronage from the community.

He urged management of the bank to intensify its deposit mobilization drive.

Dr Sam Dufu, Chairman of the Board of Directors of the bank, in his report, said the bank's total assets increased from 8.3 billion cedis in 2003 to 10.9 billion cedis in 2005. He said the bank granted loans totaling 11.4 billion cedis to its customers during the period under review. Dr Dufu said the bank purchased Akuafo cheques totaling 9.5 billion cedis during the 2004/2005 main crop season.