Nyakrom Rural Bank makes giant strides
The Nyakrom Rural Bank, a pioneer Rural Bank in Ghana, has declared a profit of GH¢154,462.00 in 2013 as against GH¢91,632.00 in 2012.
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This showed an appreciable increment of 68.56 per cent growth.
Mr Timothy Osam Duodu, the Chairman of the Board of Directors of the bank made this known at the 37th Annual General Meeting (AGM) at Agona Nyakrom in the Agona West of the Central Region.
The Chairman said the assets and liabilities of the bank increased from GH¢9,570,878.00 in 2012 to GH¢11,472.00 in 2013.
Mr Osam Duodu stated that the board has proposed a payment of dividend totalling GH¢ 36,713.00 at GH¢0.02 per share to deserving shareholders.
According to the Chairman, the bank granted loans totalling GH¢415,014.00 to 52 cocoa farmer groups as against GH¢66,126.50 to the seven-farmer groups that it started with in the cocoa growing areas.
Mr Osam Duodu said the bank’s susu operation had improved tremendously with a deposit of GH¢437,972.24 in 2012 to GH¢902, 730, 74 in 2013.
He said the susu product was the bank’s philosophy of bringing services to the door steps of the cherished people in the catchment areas of the bank.
He said the bank disbursed a loan of GH¢2,605,850.00 in 2011 to 172 women groups made up of 2,785 members to expand their businesses.
He said the women groups grew from 249 to 4,638 members with a total of GH¢5,681,000.00 disbursed as loans to them to improve their capital base.
In a speech read on his behalf the Managing Director of Apex Bank, Mr Kwadwo Aye Kusi, called on rural and community banks to keep the adequate liquid funds as a regulatory requirements by the Bank of Ghana (BoG).
He said that would enable them to meet the customer’s withdrawal needs and other payment obligations and ensure safety of their deposit funds.
Mr Ankrah said the BoG had prescribed that the minimum liquid reserve assets of rural banks should include eight per cent primary reserves, five per cent ARB Apex reserves and the 35 per cent secondary reserves.
He urged rural banks to pay maximum attention to good treasury management practices, especially in the wake of the current difficult economic environment, so that their liquidity needs would always be met.
Okofo Katakyi Nyakoh Eku X, the Ommanhene of Nyakrom Traditional Area, paid tribute to the founding members of the Nyakrom Rural Bank, established in Ghana more than 37 years ago.
He asked the board and management to assist small and medium enterprises in the area to improve the local economy.
Credit: GNA