North-Tongu Rural bank holds annual general meeting

Adidome, Nov. 25, GNA- The North-Tongu Rural Bank in Adidome is to expand its lending scheme to small-scale industries in the district to speed up development in the area.

The Bank would also extend commodity loans and overdrafts to workers to encourage them to stay and work in the largely inaccessible district.

Mr George Dotse, Member Secretary of the Board of Directors announced this at the Bank's 20th Annual General Meeting (AGM) at Adidome on Monday.

He advised operators of businesses to ensure that their loan applications reached the bank in good time for the credits to be made available to them on time to serve the purposes for which they were asked for.

Mr Dotse said apart from loans granted from the Bank's own resources, the North-Tongu District Assembly and the World Bank through the Ministry of Food and Agriculture (MOFA) had channelled 23.4 million cedis and 200 million cedis respectively through it for projects under the Poverty Alleviation Programme and agriculture related ventures.

Major projects being supported by the bank include the Midway Industries, which exports gari to London in addition to its cattle, piggery and vegetable farms, brick and tile factories, poultry farms and fishing gear suppliers. Mr Henry Tornyie, Chairman of the Board said the Bank expected to make a profit of 200 million cedis in 2003 as against the 2002 profit of 97.191 million cedis before tax.

He said the Bank would acquire motorbikes to enable its marketing officers reach out to wealthy cattle farmers in the hinterland to help increase its capital base.

Mr Tornyie said the Bank would soon acquire telephone, fax and other telecommunication equipment to enhance its work.