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Regional News Thu, 15 Jun 2006

Rural Banks commended for helping to reduce poverty in Ghana

Cape Coast, June 15, GNA - The Central Regional Supervisor of the ARB Apex Bank, Mr Francis Boateng, on Thursday commended Rural Banks operating in the country for helping to reduce poverty in the communities in which they operate.

He said many of the banks performed their core functions of financial intermediation and poverty reduction, which had helped to improve upon the living conditions of people. Mr Boateng made the commendation at the opening of Abura Agency of the Twifo Rural Bank at Cape Coast, bringing the number of agencies of the bank to six.

He said there had been remarkable improvement in deposit mobilization and operational profits in many of the banks, which he stressed, had made it possible for them to address the needs of their customers.

Mr Boateng Commended the Twifo Rural Bank, for coming out as one of the best performing banks in the region. He however advised the board, management and staff of the Bank to take internal control measures seriously to avoid any mishaps in their operation.

Mr Francis Agyarko, the Bank's Manager, said the Bank had more than 15,700 customers and that its core services included micro financing, cocoa purchasing, home cash, savings, fixed deposits and funeral loans. He said the bank had been the leading rural bank in terms of cocoa purchases in the region and that in the past three years its annual purchases level had been around 40 billion cedis. Mr Agyarko said the bank was in charge of the management of funds from the Government and other financial institutions in the Twifo Hemang Lower Denkyira district.

He said the bank would soon be computerized and appealed to beneficiaries of the SIF and poverty alleviation fund to endeavour to pay back their loans.

Source: GNA