Guaman Rural Bank makes profit

Guaman (V/R), Aug. 21, GNA - The North Volta Rural Bank at Guaman in the Jasikan District was rated the fifth progressive rural bank in the country in 2006.

Dr. Patrick Ata, Chairman of Board of Directors of the Bank, said the bank was also rated first among the 60 rural banks classified as satisfactory.

He was speaking at the 13th Shareholders Annual General Meeting of the bank at Guaman at the weekend. Dr Ata said the bank mobilized 5.54 billion cedis in 2006 as against 4.43 billion cedis in 2005 and its investment in Treasury Bills also increased from 3.135 billion cedis in 2005 to 3.6 billion cedis in 2006. Net profit it declared after payment of tax showed improvement from 266 million cedis last year to 405 million cedis in 2006 and its total income also increased from 1.312 billion cedis in 2005 to 1.938 billion cedis in 2006.

Dr Ata said under the agriculture sector, 576 individuals have benefited from loan facilities as against 248 in 2005 while the bank also donated 18 pairs of Wellington boots and 18 cutlasses each to Jasikan, Kadjebi and Krachi East districts during their national farmers' day celebrations. He appealed to shareholders to increase their shares and invited the general public to buy shares to help the bank to get a good foundation.

Mr. F.K. Kwapong, Managing Director of ARB Apex Bank, commended the bank in a speech read for him for its achievements and urged management and staff of the bank to sustain it.

He said the banking industry had become so sophisticated that the slightest inconvenience would ward a customer off and urged the bank to strengthen its internal control mechanism to ensure that the bank operated in a sound and safe financial environment. Mr. Samuel Sowah Mohenu, Supervising Manager of the bank, said since 2001 when the bank started to meet the Bank of Ghana statutory requirements after it was almost closed down in 1998, there had been improvement.

He said the bank recently introduced students' soft loans to help them develop academically. Mr. Henry Ford, Member of Parliament for Buem, appealed to the bank to increase its social responsibility in its catchments areas especially in education and health.