APEX Bank commends women's interest in rural banking system

Gomoa-Dawurampong (C/R), Aug. 7, GNA -The Head of the Human Resource and Administration of the ARB APEX Bank, Mr Kenneth Owusu-Twumasi, has praised farming and trading women in the catchment's area of the Akyempim rural bank in the Central Region, for their high patronage in the rural banking system.

He has therefore advised them to maintain the spirit to ensure continued growth of the bank in all spheres of economic endeavour. Mr Owusu-Twumasi was addressing about 500 shareholders of the bank, of which more than 80 percent were women, at the 21st annual general meeting of the bank at Gomoa-Dawurampong.

He advised both male and female customers of the bank who have been granted loans to strive to repay them in good time to strengthen its financial capacity.

Mr Owusu-Twumasi, who stood in for the Managing Director of ARB APEX Bank, Mr Emmanuel K. Kwapong, said one of the critical issues facing rural and community banks was that of good governance. He charged shareholders of rural and community banks to conform with the directives of the Bank of Ghana which obliges them to appoint people with requisite qualifications and experience in banking, agriculture, management, accountancy, economics, among others, to steer the affairs of their banks.

Mr Owusu-Twumasi said that the ARB APEX BANK was happy with the performance of directors and management of the Akyempim Rural Bank and charged them not to relent in their determination to make the bank, the pillar of economic development in the Gomoa District.

In his annual report, Colonel Kingsley Kwame Nyame (rtd), Chairman of the Bank's Board of Directors, said that the bank made a net profit of 551,175,000.00 Cedis during 2004 operational period, and paid 61,868,000.00 cedis to the state as corporate tax.

Col. Nyame said that the Board had decided to raise 342,419,634.00 cedis additional shares to enable it to meet Bank of Ghana's requirement that rural banks must secure 500,000,000.00 stated capital each by the end of December, 2006. Col. Nyame enumerated a number of financial interventions the bank had extended to the various groups of traders, businessmen and businesswomen, artisans, transport operators, farmers, fishermen and workers in its area of jurisdiction in the past year and promised to do more to help promote their respective economic ventures in the years ahead. He stressed the need for loans beneficiaries to honour their debt obligations to avoid legal action against them. Mrs. Efuah Saawah Eyiacquah of Bank of Ghana and Vice Chairperson of the Akyempim Rural Bank, appealed to shareholders of the bank to increase their shareholdings to help the bank to fulfil the requirements of the Central Bank by the end of next year.

Mrs. Eyiacquah urged female customers and shareholders to inculcate the habit of saving in their children to enable them to benefit from the operations of the bank.

In a speech read on her behalf, Ms Joyce Aidoo, Gomoa District Chief Executive, also commended directors and workers of the bank for their excellent output and encouraged them to sustain it for the good of the Gomoa District and the nation as a whole. Aug 07 05