Fomena (Ash), Jan. 23, GNA - The Adansi Rural Bank at Fomena in the Adansi West district of Ashanti has started disbursing 110 million cedis among five agricultural co-operative groups in the district under the government's Village Infrastructure Project (VIP).
Under the project, the government in collaboration with the bank is supporting the improvement of agriculture in the area through the acquisition and supply of equipment to the groups.
The groups are Dompoase Palm Oil Extraction Society, Sikaman Redemption Farms, Kyeaboso Pepper Growers Association 'A' and 'B' and Kyeaboso Women Food Farmers Co-operative Society.
Mr Evans Aidoo, the Supervising Manager of the bank, announced this when the bank presented five water-pumping machines and accessories worth 22.4 million cedis to the Kyeaboso Pepper Growers Association at Fomena on Thursday.
Mr Aidoo said other equipment to be purchased for the groups are palm oil and palm kernel extraction machines as well as gari processors. He said under the VIP, funds from the government are channelled through the bank to support co-operative groups in both Adansi East and West districts.
Other on-lending funds from the Ministry of Women and Children's Affairs and the HIPC initiative have also been released to the bank for disbursement to the beneficiary groups.
Mr Aidoo said so far 90 million cedis from the Ministry had been disbursed among 17 women's groups comprising 180 women and that the rate of repayment by the groups was "very encouraging".
He said under the HIPC funds, a total of 334 million cedis had been distributed among 1,320 beneficiaries made up of 30 groups.
He said there were more on-lending in the pipeline to boost agriculture and other economic activities in the two districts. Touching on the fall of the Treasury bill rate, Mr Aidoo said the bank had mapped out strategies to contain the situation and assured its customers of save banking.
Mr Karim Adam, a director of the bank, advised the pepper growers to maximise the use of the pumping machines to enable them generate enough funds to repay the loans.
He appealed to the farmers not to play politics with the machines. Madam Abena Amankwah, one of the beneficiary farmers, observed that the machines would help them in their farming activities, especially during the dry season. "The machines will help us generate enough money to take good care of educating our children".
