Bank shareholders angry over low dividend

SHAMA, Ghana, November 28 -- Shareholders of the Lower Prah Rural Bank on Saturday expressed their disgust at a dividend of 25 cedis per share, paid to them by the bank and threatened to withdraw their money.

"This, cannot buy water, let alone serve as an incentive for my investment," a shareholder told the Ghana News Agency (GNA) at the 13th annual general meeting at Shama.

According to some shareholders, to give them such low dividends, after several years of investment is a mockery and that they see no future for their investment. They urged the management and Board of Directors to give them between 150 and 200 cedis per share to entice others to invest in the bank.

"Dividends declared for 1998 have still not been paid and they appealed to management of the bank to pay promptly. The shareholders expressed their indignation that five employees of the bank had embezzled 821,213,747 cedis.

They unanimously asked the management and the Board of Directors to find a means to reverse the trend. "If it is possible, please give them higher salaries, to reduce the incidence of embezzlement among the staff," a shareholder told the management and board.