Banks are not goldmines- Prof Nsaih-Gyabaah

Busunya(BA), Aug. 13, GNA - Any worker, found in acts to defraud a rural bank would be dealt with in accordance of the law, Professor Kwasi Nsiah-Gyabaah, Chairman of the Board of Directors of Fiagya Rural Bank Limited at Busunya in the Nkoranza North District has said. He warned the workers of the bank that management would deal drastically with anyone of them who attempted to take fraudulent steps to defraud the bank as such negative attitudes and practices have collapsed a number of financial institutions.

Prof Nsiah-Gyabaah gave the warning when he addressed stakeholders at the 23rd Annual General Meeting (AGM) held at Busunya on Wednesday. He expressed concern about how some youth and workers have taken the banks as goldmines and seek employment to work in such places with the intentions of getting rich overnight, so that they could own

luxurious cars and put up buildings. He warned that any workers detected with such motives would be shown the exit to avoid the collapse of the bank.

Prof Nsiah-Gyabaah urged the stakeholders and customers to maintain their confidence in the management as they have instituted the necessary measures for the security of their monies.

He urged them to continue to do business with them, so that they would also improve upon their livelihood.

Prof Nsiah-Gyabaah disclosed that the bank realised a net surplus of 38, 165.00 GH Cedis in 2007 as against 26,471.00 GH Cedis in the previous year and thereby recorded a profit increase of 44.2 per cent. He also said the total deposit of the bank increased by 30.2 per cent, that is it rose from 1,000,000.00 GH Cedis to 1,302,313.61, GH cedis, whilst the total assets also increased by 43 per cent and from 1, 152, 833.00 GH Cedis to 1,650, 307 GH Cedis.

He said loans and advances granted to customers during the year amounted to 745, 520.00 GH Cedis, and added that, the bank's total investment rose from 360,000.00 GH Cedis to 650,000.00 GH Cedis which represented 81 per cent increase.

He announced that the Bank of Ghana has made some charges with regard to the operations of rural banks and said existing rural community banks were required to grow their stated capital to 150,000.00 GH Cedis in order to qualify as a rural bank, adding that, those who could not meet the requirement would not be allowed to open new agencies or branches until the attain the stipulated capitalisation.

Professor Nsiah-Gyabaah, also the Rector of the Sunyani Polytechnic urged the shareholders to increase their share capital in order to put the bank on a sound footing and to enhance its developments as well.

Mr Eugene Atikpo, Brong-Ahafo Regional Manager of the Bank of Ghana commended the shareholders for their support to the bank since the past 20 years and advised them to maintain their cooperative spirit and buy more shares, so as to move the bank forward.

Mr Atikpo stressed the need for the workers of the bank to lead upright lives and shun away from questionable behaviours that could tarnish their image.

The Nkoranza North District Chief Executive, Madam Grace Obeng-Donkor urged the shareholders to educate their relatives about the importance of banking so that they would also patronise the bank and improve upon their livelihood.

Madam Obeng-Donkor called on the people and parents to educate their children and the youth to be self disciplined and law-abiding during the electioneering campaigns and the December general elections to ensure a peaceful, free and fair elections. Mr Owusu Sekyere, Manager of the Bank gave the assurance that the bank would not relent in its efforts at offering the necessary support to it customers.

He however stated that loans would be granted to trust worthy customers who would repay on schedule, so that others would also be able to enjoy from the facility.

He appealed to all those who were indebted to the bank to repay and not to wait for any embarrassments or court action.