The Kwahu Praso Rural Bank in the Kwahu South district of the Eastern Region bought over ?2.3 billion Akuafo cheques from farmers in its catchment area in the last two main cocoa seasons as its contribution to assist farmers in the hinterlands to make life bearable for them.
This has also brought back the confidence of the poor farmers in the bank, which nearly folded up.
This was announced by the bank's board chairman, Mr. Eric Kwakye Darfour, at its 8th annual general meeting of shareholders held at Kwahu Praso.
He said he and his board members were appointed by the Bank of Ghana (BoG) when it was confronted with management crisis about two and a half years ago.
He congratulated other colleagues on the board for hardwork and dedication which has lifted the bank from its sorry state to its present position.
He also commended the current manager of the bank, Mr. Christian Johnson, and his dedicated working staff who have managed the finances of the bank and brought the bank from falling away and now even rubbing shoulders with other big banks.
He said the bank would continue to grant facilities to its customers, but warned recalcitrant defaulters to settle their debts or face the law courts.
The head of banking supervision department at BoG, Mr. Joseph B. Clottey, urged the management not to only concentrate on making profit, but to ensure that their collective activities bring about social development of the rural communities.
He was happy with the level of financial services being offered by way of support to commerce, agriculture and cottage industries and micro-economic ventures in its catchment area.
He, however, said, the BoG is closely monitoring the bank's efforts at sustaining the process of economic growth and development in its catchment area through the provision of basic infrastructure, like classrooms, electricity, sanitation as well as scholarships to needy but brilliant pupils and students.
The Eastern Regional Minister, Dr. Francis Osafo Mensah, urged the bank's board, management, staff and shareholders to rededicate themselves to hard work and principles of genuine probity and accountability.
