Buuwulonso Rural Bank launches share capital sales drive

Accra, Dec. 16, GNA - The Buuwulonso One-Stop Rural Bank (BORB) launched its share capital sales drive to sell 1.7 million shares in multiples of 10 at 1,000 cedis each to raise 1.7 billion cedis at the weekend in Accra.

Speaking at the launch, Dr Mike Abu Sakara Foster, a Principal Promoter of the Bank, said the Bank has already raised 1.39 billion cedis out of the projected target and called on investors to join the bandwagon.

Buuwulonso, which means "enhancing our dignity" has its headquarters at Damango in the Northern Region.

Dr. Foster said the Bank started as a community effort to help to boost development by providing additional source of financing to support and scale up enterprises of farmers and processors in the Central Gonja, West Gonja, Bole and Wa Districts in the north- western corner of Ghana. The enterprises included those engaged in soya beans, groundnuts and shea-butter processing.

Dr Foster said: "The share capital ownership is open to everybody wherever you hail from in Ghana. It is primarily an investment opportunity and to provide services that would enhance the livelihood our brothers and sisters that live in rural areas. "Theirs is a life of toil and we can help to make that burden lighter by providing the needed financing to start and expand their small rural micro enterprises", he said, adding; "when you support a rural bank you support rural people and every one of us has relatives in rural areas".

He said, apart from deriving returns from investments the Bank would also offer opportunity for those undertaking development projects in its catchment area to know more about rural banking.