Nyakrom Rural Bank meets Bank of Ghana’s capital requirement

The Nyakrom Rural Bank with its headquarters at Agona Nyakrom has raised the minimum capital requirement of GH¢150,000 set by Bank of Ghana (BOG) to stay in business.

Mr Timothy Osam Duodu, Board Chairman, made this known at the 34th Annual General Meeting (AGM) of shareholders at Odoben in the Asikuma-Odoben-Brakwa District of the Central Region.

He said this achievement has been achieved largely due to the decision of directors of the board and staffs to purchase additional shares to increase the stated capital.

“Currently, the value of our ordinary shares purchased is GH¢151, 533.34 which means that your bank is in position to pay dividends at our next AGM”, Mr Osam Duodu said.

According to him, the board plans to hold the next AGM  in the first half of 2012 to enable shareholders reap the fruits of their investments by way of dividend payments.

Mr Osam Duodo declared profit of GH¢1,285,557 in 2010 as against GH¢990,193 in 2009 with increased in asserts from GH¢3,837,228 in 2009 to GH¢5,079,237 in 2010.

He said the bank embarked on a pilot scheme in six communities of Asikuma-Odoben-Brakwa and Agona East districts to support cocoa farmers with financial assistance to improve their yields.

The Board Chairman said plans are far advanced to extend similar support to Cocoa farmers in Nyakrom and other communities in 2012.

Mr Osam Duodu said the bank is being encouraged by ARB Apex Bank to take decision on merger with sister rural banks to enable the bank to operate effectively.

Source: GNA