Let's invest in rural banks - Queen Mother

Awutu-Beraku (C/R), May 31, GNA - Ghanaians, especially those with sound financial standing, have been asked to invest heavily in rural banks to enable the nation sustain the rural banking concept.

A Similar call had gone to all workers in both formal and the informal sectors to save with rural banks and also buy shares in such banks.

Narchey Dodei Akaabi XIV, Queen Mother of the Awutu Traditional Area, made the appeal at the 19th annual general meeting of the Awutu Emasa Rural Bank at Awutu-Beraku.

The Queen Mother was emphatic that it is evidently clear that the rural banking system since its introduction 36 years ago had played a vital role in the country's development and must be given the much needed support to cope with the current challenges in the financial industry.

Narchey Dodei Akaabi commended the Awutu Emasa Rural Bank for contributing GH¢1,800 or 18 million old cedis towards the establishment of the Information, Communication and Technology (ICT) training for the Awutu community.

She described the donation as timely and a step in the right direction because it would assist school children in the area to be abreast with the events in the modern scientific world.

Narchey Dodei Akaabi promised to buy substantil shares in the bank and advised all Awutu citizens at home and abroad to save with the rural banks in the Traditional Area to enable them to play a more useful role in the socio-economic development of the people.

Mr. S.K. Asiamah and Mr. Kweku Acquaah both top officials of the Association of Rural Banks (ARB), beefed up the Queen Mother's call, saying that the high level competition posed by the bigger and more viable financial institutions in the banking business surely calls for massive financial support from both wealthy Ghanaians, the government, and the various Municipal and District Assemblies to maintain the rural banking concept.

Mr. Asiamah disclosed that the ARB has finalized plans to organize annual regional and national award nights during which adjudged rural banks would be honoured for their excellent performance. He said that the programme which would be permanent is designed to inject a high sense of hard work and discipline in the rural banking system and increase the spirit of competitiveness among rural banks in the country.

In a speech read on his behalf, Mr. Eric Osei-Bonsu, Managing

Director of the ARB APEX Bank, urged directors and managements of

rural banks to be more innovative, applicable and sustainable ideas and

programmes that can stand the shocks in the present day financial industry. The speech which was read by Mr. K. Acheampong Ababio, Accounts

Manager of APEX Bank, cautioned rural banks against weak financial

control mechanism and charged managers of rural banks to live up to expectation. Mr. Osei-Bonsu reminded directors and management teams of various

rural banks that effective and sustained supervisory control mechanism is

the "master key" to the progress of every business, and stressed the hope

that directors and workers would heed the advice to enhance productivity.

Mr. Osei-Bonsu recalled the numerous useful orientation and other intervention programmes that the ARB APEX Bank had over the years offered rural bank staff throughout the country and charged them to use the knowledge and experiences imparted to them for the growth of their respective banks.

He commended management of the Awutu Emasa Rural Bank for

making appreciable headway during the year under review despite the

constraint the bank encountered. Mr. R. Acquah Arhin, Chairman of the Awutu Emasa Rural Bank

Board of Directors, mentioned non-payment of loans as one of the most

serious challenges undermining the growth of the bank and charged loan

defaulters to settle their debts without any further delay. He assured shareholders of the bank that the Board and management of

the bank would do everything within their power to retrieve every pesewa