Bank In Trouble

Crisis is looming within the Bosomtwe Rural Bank in Ashanti following a rift between members of the Board of Directors Over the termination of the appointment of Mr Johnny Achibrah, the Supervising Manager, said to be the brain behind the bank’s improved operations.

Whereas a faction of the members led by Reverend Atta Simon, the newly appointed chairman of the Board, insists that Mr Achibrah must go, the other faction thinks otherwise. In fact, Rev. Simmon’s faction, pelting Mr Achibrah with allegations of certain irregularities and ineffective supervision has already issued him with a letter terminating his appointment with effect from March 17.

Prior to the letter, Mr Achibrah was asked by the faction to resign his post in his own interest. But the faction spearheaded by Nana J.A.K Dadieh, Mr B.S. Gyasi and Mr J.B. Sarkodie who had no hand in the decision, are not leaving the matter to rest at all. The have sworn to reverse the decision. “Times” investigations indicated that the latter faction’s move was based on the conviction that Mr Achibrah had since his assumption of office in 1991, been able to salvage the bank from a near collapse.

The faction suspected that Rev. Simmon who took office about eight months ago was using the allegations to pursue a hidden agenda to the detriment of the bank. The rift has attracted intervention of Barima Adu Gyamfi Poku, Kuntanasehene and some chiefs in the bank’s catchment area who are pulling every sinew under their sleeves for an amicable settlement.

The investigations confirmed that the bank’s total savings as at May 1991 when Mr Achibrah assumed office stood at ?25.7 million, share capital, ?1.2 million, Income surplus, ?1.6 million Investments, ?23 million, Loans and Advances, ?7.6million, Loss ?1.5 million and Total assets ?55 million. As at December last year, the bank’s total savings had risen to ?14,294.9 billion, share capital, ?109.3 million, Income surplus, ?899.6 million, net profit, ?847.3 million, investments, ?8,724.5 billion, loans and advances, ?3,622.3 billion and total assets, ?18,358.3 billion.