Mr. Jonny Owusu-Boadi, Chairman of the Board of Directors of Odotobri Rural Bank, has urged government to enforce the ‘Akuafo cheque’ system to enable cocoa farmers to benefit from banks in the country.
He said the Licensing Buying Companies used cash instead of cheque in purchasing cocoa, depriving farmers transacting business with the banks of numerous benefits from the financial institutions.
Mr. Owusu-Boadi was addressing the 22nd Annual General Meeting of Shareholders of the bank at Jacobu in the Amansie Central District of Ashanti, on Saturday.
He said that it was not encouraging that the bank purchased ‘Akuafo Cheques’ worth GH¢280.393.10 last year.
Mr. Owusu-Boadi said the bank recorded a profit of GH¢321.135 last year before tax as against GH¢314.811in 2007.
He said there was a drop in its profit due to an increase in the bank’s operation expenditure in the establishment of two new branches at Maakro and Krofrom in Kumasi.
Mr. Owusu-Boadi said that the bank’s total assets rose from GH¢7.7 million in 2007 to GH¢9.7 million an increase of 24.17 per cent.
He said the bank granted loans amounting to GH¢5.7 million last year as against GH¢4.3 million in 2007, representing 30.78 per cent increase.
Mr. Owusu-Boadi said an increase of 19.4 per cent was recorded in the bank’s deposits from GH¢6.1 million in 2007 to GH¢7.3 million in the year under review.
He said investments in treasury bills and other securities decreased from GH¢1.5 million to GH¢1.2 million.
Mr. Kwame Dapaah Siakwan, President of Ashanti chapter of the Association of Rural Banks, appealed to the shareholders to support Nr. Owusu Boadi to move the bank forward.
Mr. Robert Forkuoh, the District Chief Executive and Mr. Noah Asante Manu, Bekwai Metropolitan Chief Executive expressed their support for the bank in its efforts to reduce rural unemployment and poverty.