Nyakrom Rural Bank makes giant strides

The Nyakrom Rural Bank, a pioneer Rural Bank, declared a profit of 154, 462 Ghana Cedis in 2013, as against 91,632 Ghana Cedis in 2012, showing an appreciable increment of 68.56 percent growth.

Mr Timothy Osam Duodu, Chairman of the Board of Directors of the bank, made this known at the 37th Annual General Meeting (AGM) at Agona Nyakrom in the Agona West District.

The Chairman said the assets and liabilities of the bank increased from 9,570,878 Ghana Cedis in 2012 to 11,472 Ghana Cedis in 2013.

Mr. Duodu stated that the Board of the bank has proposed the payment of dividends totaling GH¢ 36,713 at 0.02 Ghana Cedis per share, to the well-deserving shareholders.

According to the Chairman, the bank granted loans totaling 415,014 Ghana Cedis to 52 cocoa farmer groups, as against 66,126.50 Ghana Cedis to seven farmer groups, starting with the cocoa-growing areas.

Mr. Duodu stated that the number of individual farmers has also increased from 181 to 1,540, made up of 1,350 males and 190 females, with the total acreage of cocoa farms covered under the scheme, now standing at 3,450.

The Chairman said the bank’s susu operation has improved tremendously, with a deposit of GH¢ 437,972.24 in 2012, to 902, 730, 74 in 2013.

He stated that the susu product was the bank’s philosophy of bringing services to the doorsteps of the cherished people in the catchment areas of the bank.

The Chairman of the Board said the bank disbursed loans totalling 2,605,850 Ghana Cedis to 172 women groups in 2011, made up of 2,785 members, to expand their businesses.

He stated that the women groups grew from 249 to 4,638 members, with a total of 5,681,000 Ghana Cedis disbursed as loans to them to improve their capital base.

Mr. Seth Ankrah, Manager in charge of Compliance, of the ARB Apex Bank, who read a speech on behalf of the Managing Director Apex Bank, Mr. Kwadwo Aye Kusi, called on Rural and Community Banks, to keep adequate liquid funds as a regulatory requirement offered by the Bank of Ghana.

This, he said, will enable them to meet the customer’s withdrawal needs and other payment obligations, and ensure safety of their deposits.

Mr. Ankrah urged all rural banks to pay maximum attention to good treasury management practices, especially in today’s difficult economic environment, so that their liquidity needs shall always be met.

Okofo Katakyi Nyakoh Eku the Tenth, Ommanhene of the Nyakrom Traditional Area, paid growing tribute to the founding fathers of the Nyakrom Rural Bank, the first Rural Bank established in Ghana over 37 years ago.

He asked the Board of Directors of the bank and management to assist small and medium-scale enterprises in the area, in order to improve the local economy.

Okofo Katakyi Eku, urged the Board of Directors to improve the service conditions of the management and staffs of the bank to enhance growth, adding that this will avoid fraudulent practices which can affect the bank’s operations.

The Omanhene called on the shareholders to buy more shares to increase the share capital base of the bank.