Mfantseman Community Bank declares profit

The Mfantseman Community Bank in the Central Region made a profit of 240 million cedis in 2001 as against 22 million cedis in 2000.

Mr Harry Hayford, Chairman of the Board of Directors, announced this at the second annual general meeting of the Bank at Biriwa, in the Mfantseman District.

He said the Bank granted loans totalling 1,554.4 billion cedis as against 403.9 million cedis the previous years.

Agriculture had 837 million cedis, transport 101 million cedis, trading 562 million cedis while cottage industry got 54 million cedis.

Mr Hayford, MP for Abura-Asebu-Kwamankese, attributed the successes to the effective implementation of the government's economic stabilisation and reform programme, which generated confidence in the economy.

It also had a positive impact on the economic indicators leading to the reduction inflation, interest and exchange rates.

The Chairman said total deposits rose from 757 million to 174.4 billion cedis representing an increase of 56 percent.

Mr Hayford said the bank disbursed 100 million cedis under the Emergency Social Relief Programme, 330 million cedis for the Poverty Alleviation Fund and 332 million cedis of the Women's Fund to fishmongers.

He commended the government for the bold steps it had taken to alleviate the plight of women to enable them to cater for their children's education, health and clothing.

The Chairman expressed satisfaction that the negative perception people had about the bank as a result of the performance of the defunct Biriwa Rural Bank was gradually being erased.

Mr Hayford explained that the "Susu" Mobilisation Centre at Elmina was not operating due to a Bank of Ghana directive and appealed for the reconsideration of the policy since people in the area needed banking services.