The Deputy Managing Director of the ARB Apex Bank, Mr Alex Awuah, has given rural and community banks the assurance that the government is in the process of paying all funds locked up with the Heritage Bank and has, therefore, urged them to exercise patience since their monies are intact.
Meanwhile, he said, the Bank of Ghana (BOG) was putting in place prudent measures to ensure that rural and commecial banks were back solidly on their feet.
Under the circumstances, Mr Awuah said the BOG had directed all rural and community banks not to pay dividends in view of the continuing great force of the COVID-19 disease.
Mr Awuah made the assertions at the 35th Annual General Meeting of the South Akyem Rural Bank at Achiase in the Eastern Region.
Loans and advances
The Secretary to the Board of Directors of the bank, Mr Paul Asiedu, disclosed that in the year under review, the bank granted loans and advances totalling GH¢9,853,429 to its customers in 2019 as against GH¢9,275,274.00 in 2018 while its deposits increased from GH¢26,484,128.00 to GH¢31,292,070.00, representing an increase of 18 per cent during the same period.
He advised loan defaulters to endeavour to repay their debts on schedule so there could be enough money to turn round for others to also benefit from.
The deputy General Manager of the bank, Mr Onassis Addo Koranteng, announced that by the close of 2019, the bank’s total share value stood at GH¢1,193,968 and out of that amount, GH¢ 564,796.00 was obtained in cash and GH¢ 629,179 from shareholder loans.
In an address read on his behalf, the President of the Eastern Regional chapter of rural and commercial banks, Mr Seth Adom Asomaning, enjoined shareholders of the bank to increase their shareholdings in order to augment the bank’s capital base.
He said: “This will ensure that in the event of any increase in capital by the BOG expected from rural and commercial banks from the current GH¢ 1million, your bank will be well ahead of the new threshold prescribed”.
Mr Asomaning commended the board, management and staff of the bank for the hard work they were putting in despite the havoc the COVID-19 pandemic was causing to people’s lives, properties and businesses.
Bank management commended
The District Chief Executive for Achiase, Mr Richmond Amponsah Agyabeng, commended the bank for moving from the 15th position on the table of rural and community banks in the country to place 13th.
Following that, he urged the board, management and staff of the bank to strive to maintain and improve on that achievement.
He urged the people in the Achiase area to continue to have confidence in the government since it had the interest of the people in the country at heart.