‘Channel public funds through rural banks’
The Paramount Chief of the Wassa Amenfi Traditional Area in the Western Region, Tetrete Okuamoah Sekyim II, has charged the government to channel the District Assemblies Common Fund (DACF) through rural and community banks (RCBs)
According to the chief, RCBs played a very vital role in the economic development of the country due to their proximity to rural folks.
Ghana News Headlines
For latest news in Ghana, visit Graphic Online news headlines page Ghana news page
Speaking during a courtesy call on him at his palace in Wassa Akropong by the Managing Director of the ARB Apex Bank, Mr Kojo Mattah, and members of the Board of Directors of the Amenfiman Rural Bank, Tetrete Sekyim said almost all economic activities in rural communities were supported by RCBs, as commercial banks found it unattractive to venture into deprived communities.
“Commercial banks are risk averse and are not willing to support business activities in rural areas. This means there is a strong case for the government to channel the DACF and other public funds through RCBs.
“These banks, particularly the Amenfiman Rural Bank, the largest RCB in the country, have proved over the years that they are the true agents of economic development and to financial inclusion. They have been doing well, in spite of the fact that they have not received direct support from the government,” he stressed.
He urged the ARB Apex Bank to use its position as the ‘mini’ regulatory bank for RCBs to champion advocacy for the government to channel the DACF and other government funds for regional development through RCBs.
He said the Wassa Amenfi Traditional Council had given its full support to the rural bank, saying: “You can see that the head office of the Amenfiman Rural Bank is located right opposite the palace.”
commended the board and the management of the rural bank and thanked them for bringing the MD of the ARB Apex Bank to pay a courtesy call on him.
For his part, Mattah observed that “what we have seen so far is that the Amenfiman Rural Bank is in safe hands”.
He pledged the Apex Bank’s full support for the rural bank and endorsed its in-house human resource development programme to train and retain a pool of high human capital.
“The success of the nation depends on the people; the same way that the success of an organisation depends on its staff,” he said, adding: “That is why I commend the Amenfiman Talent Academy Programme (A-TaP), which has trained 18 staff of the bank in a two-year accelerated development programme.”
The Chairman of the Board of Directors of the Amenfiman Rural Bank, Tony Aubynn, who led the delegation to the palace, pleaded with the ARB Apex Bank to support all model programmes of the bank.
He said the Amenfiman Rural Bank was leading the way as the largest and most profitable RCB in the country and expressed his excitement at the fact that the bank was the pioneer in the in-house talent development programme.