Bank asks government to enforce Akuaffo cheque system

Jacobu (Ash), July 19, GNA - Mr. Jonny Owusu-Boadi, Chairman of the Board of Directors of Odotobri Rural Bank, has urged government to enforce the Akuaffo cheque system to enable cocoa farmers to benefit from banks in the country.

He said the Licensing Buying Companies used cash instead of cheque in purchasing cocoa, depriving farmers transacting business with the banks of numerous benefits from the financial institutions. Mr. Owusu-Boadi was addressing the 22nd Annual General Meeting of Shareholders of the Bank at Jacobu in the Amansie Central District of Ashanti, on Saturday.

He said that it was not encouraging that the bank purchased Akuaffo Cheques worth 280.393.10 Ghana Cedis last year. Mr. Owusu-Boadi said the bank recorded a profit of 321.135 Ghana Cedis last year before tax as against 314.811 Ghana Cedis in 2007. He said there was a drop in its profit due to an increase in the bank's operation expenditure in the establishment of two new branches at Maakro and Krofrom in Kumasi. Mr. Owusu-Boadi said that the bank's total assets rose from 7.7 million Ghana Cedis in 2007 to 9.7 million Ghana cedis an increase of 24.17 per cent.

He said the bank granted loans amounting to 5.7 million Ghana Cedis last year as against 4.3 million Ghana Cedis in 2007, representing 30.78 per cent increase.

Mr. Owusu-Boadi said an increase of 19.4 per cent was recorded in the bank's deposits from 6.1 million Ghana cedis in 2007 to 7.3 million Ghana cedis in the year under review. He said investments in treasury bills and other securities decreased from 1.5 million Ghana cedis to 1.2 million Ghana cedis. Mr. Kwame Dapaah Siakwan, President of Ashanti chapter of the Association of Rural Banks, appealed to the shareholders to support Nr. Owusu Boadi to move the bank forward.

Mr. Robert Forkuoh, the District Chief Executive and Mr. Noah Asante Manu, Bekwai Metropolitan Chief Executive expressed their support for the bank in its efforts to reduce rural unemployment and poverty. 19 July 09