Asante-Akim Rural Bank purchased Akuafo cheques

Juansa (Ash), Dec 20, GNA-The Asante-Akim Rural Bank at Juansa purchased Akuafo cocoa cheques to the tune of 14.1 billion cedis last year, Mr Francis Opuni-Sekyere, chairman of the Board of Directors of the Bank, has said.

He attributed this to the pre-financing of the payments of the cheques from the Produce Buying Company (PBC) and the intensive education programmes undertaken by the bank in the cocoa growing areas. Addressing the 16th annual general meeting of the bank at Juansah in the Asante-Akim North district on Friday, Mr Opuni-Sekyere said the bank's profit in 2002 stood at 653.8 million cedis while total deposits rose from 4.6 billion cedis in 2001 to 8.7 billion cedis in the year under review, an increase of 86 percent.

Assets of the bank shot up from 7.3 billion cedis in 2001 to 11.9 billion cedis in 2002, while loans and overdrafts granted to customers stood at 3.1 billion cedis, he said.

Mr Opuni-Sekyere indicated that the bank was able to increase its investment portfolio by 16.86 percent, that was from 3.3 billion cedis in 2001 to 3.9 billion cedis in the year under review.

Mr Emmanuel Kwapong, Managing Director of Apex Bank, in a speech read on his behalf, said the Apex Bank has facilitated the purchase of cocoa through the use of the Akuafo Cheques.

He announced that the bank and the rural banks are collaborating closely with the various government programmes like the Social Investment Fund (SIF), the Women's Development Fund and the Village Infrastructure Project (VIP) to reduce poverty in the country. The Managing Director said computerisation of all rural banks and technical training of rural banks' staff and directors has been started by the Apex Bank with the view to help them fulfil their mandate of effectively assisting the communities.

Mr. Kwabena Adjei-Acheampong, Administrative Manager of the Association of Rural Banks (ARB), said efforts are being made for rural banks to start effective educational programmes on the HIV/AIDS. He pointed out that with the 115 rural banks nationwide and their 553 outlets, they could make an impact in the exercise with proper and effective contributions from other organisations.

Mr Kwame Dapaah-Siakwan, President of the Ashanti Chapter of the ARB, called for adequate remuneration for workers of the banks so that they give of their best at all levels.

He also appealed to the shareholders to collaborate positively with management for the development of the bank, adding that there was the need for people who own the bank to pay to enable it to expand its capital base.