Regional News Mon, 19 Jun 2006

Adansi Rural Bank to construct its permanent offices

Fomena-Ashanti, June 19, GNA - The management of Adansi Rural Bank at Fomena in the Adansi North district has decided to build its own offices estimated at about two billion cedis.

Mr Ahmad K. Boakye, Chairman of the Board of Directors of the bank who announced this at a sod-cutting ceremony to begin work on the project, said 600 million cedis had been set-aside for the first phase of the project.

The project to be completed within 18 months, comprised central accounts and operations office, project department, conference room, banking hall, information and communication technology (ICT) department and other apartments.

Mr Boakye said with improvement and expansion in its operations, there was the need for a more permanent and spacious head office. "The bank has two agencies in Kumasi, one each at Obuasi and Akrokerri and we intend to open two more agencies in Kumasi," he added. The Board Chairman announced that the project would be financed from the bank's accumulated surplus. Mr Peter K. Ameyaw, Adansi North District Chief Executive, said available records indicated that the bank was making tremendous strides in rural banking.


He appealed to beneficiaries of the bank's micro financing project to re-pay the loans promptly to enable others benefit. Mr Ameyaw pointed out that economic activities at Fomena were not encouraging thereby leading to poverty and said the district assembly and the bank would collaborate to provide income generating activities in the area.

The DCE said the assembly was determined to team up with all stakeholders including chiefs to facilitate development of the new district.

Nana Kyei Baffour II, Gyaasehene of Fomena, said the bank was established in 1980 with a deposit of 124,000 cedis. He appealed to people within its catchment area to develop the culture of savings to improve the capital base of the bank.

Source: GNA