Bank of Ghana reiterates support for rural banks

Ekumfi-Essueshyia, (C/R), Aug. 10, GNA - The Bank of Ghana (BOG) has reiterated its full support for hardworking rural banks to enable them to play a more meaningful role in the banking industry.

It has therefore, warned rural banks, particularly those who are making good strides in their operations against complacency, since such acts might undermine their progress and eventually affect the credibility given them by the Central Bank.

Mr. Franklin Belnye, a Director at the Banking Supervision Department of the BOG gave the assurance at the 16th annual shareholders meeting of the Ekumfiman Rural Bank at Ekumfi-Essueshiyia at the weekend.

Mr Belnye recalled the useful role rural banks were playing to transform the living standards of farmers, fishermen, petty traders, artisans, workers and transports operators in the rural communities, and said that BOG would not shirk its responsibility in providing the necessary support and encouragement to hardworking rural banks to achieve their objectives.

He praised the Directors, management and workers of Ekumfiman Rural Bank for adopting prudent measures as directed by the BOG to turn around the economic fortunes of the bank after the institution had suffered severe economic setbacks in the past 10 years.

Mr Belnye said records available at the BOG clearly indicate that the Ekumfiman rural bank was making headway within the past three years. He said even though the bank has not completely overcome its economic predicament, there is the hope that with extra hard work and effective maintenance of the current trends of development in the operation of the bank, it would be able to surmount the problems facing it.

Mr James Eric Nkrumah, Central Regional President of the Association of Rural Banks also expressed satisfaction at the outcome of the frantic efforts being made at the management team of the bank and urged them to sustain the tempo to enable them to chalk good returns in the years ahead.

Mr. Nkrumah announced measures being taken by the association to improve the service conditions of both Directors and workers of the various rural banks and charged them to put in extra effort to improve the financial positions of their respective banks.

Nana Baah IV, Acting President of the Ekumfi Traditional Council appealed to shareholders of the bank, who withdrew their shares during the crisis period of the bank to reconsider their decision and patronised the bank once more to make it a more vibrant financial institution for the Ekumfi state.

Nana Oprenu V, Chairman of the Bank Board of Directors and Mr. Martin Kumi Frempong, Supervising Manager of the Bank expressed their appreciation to Mr. T.K Dadzie, an Accra-based Business Executive for supporting the bank with a total of 250 million cedis cash, being the highest singular shareholding to help revitalise the bank. He assured customers of continued excellent service to enable them to realise their objectives.