Nyakrom Rural Bank wins prestigious award

The Nyakrom Rural Bank, the pioneer rural bank in Ghana, has been adjudged the best managed bank in the Agona West and East Districts of the Central Region.

The prestigious award was instituted and organized by the Agonaman Achievers Award, an Agona Swedru-based organization.

Speaking to the press after receiving the award, Mr Adjamah-Cudjoe, Supervising Manager of the bank, said the bank was adjudged the best as a result of its pioneering role and poverty alleviation strategy adopted since its establishment in 1976.

According to the Manager, over four years, the bank had pumped billions of Ghana Cedis into the cocoa sector, to increase production and reduce poverty among cocoa farmers.

The Supervising Manager stated that the bank has extended its financial support to cover more Cocoa farmers in Assin Fosu and other districts, to improve their living standards.

He said the bank has also instituted a scheme to assist small and medium-scale businesses operating in its catchment area, to enhance economic development.

The Manager said the “big banks offer loan facilities to big time contractors and well-known businessmen and women, but the Nyakrom Rural bank has been giving loans to women groups to expand their businesses.

He said the bank has over 3,000 women traders under the programme’ dubbed’ Women in Development (WID) to improve their lot.

Mr Adjamah–Cudoje said the WID programme has been extended, apart from the Agona West and East districts to Ekumfi, Effutu, Asikuma-Odoben-Brakwa and Kasoa.

He stated that prudent measures and other efforts were being made by the bank to improve the financial position of women, to enable them cater for themselves and support their children’s education.

Mr Adjamah-Cudjoe said the bank has re-activated its ‘Susu savings” scheme as part of efforts to increase the liquidity mobilization, and also cultivate the habit of savings among the people.

Mr Adjamah-Cudjoe observed that it was not prudent for management of Rural banks to use their first and secondary reserves which were their backbones.

According to him, many rural banks were facing serious distress, due to the mismanagement of their secondary reserves.

He urged board of directors and managements of banks to implement prudent policies and programmes that would enhance their performance.

Mr Adjamah-Cudjoe said the rural bank concept was aimed at improving the rural economy.