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Gomoa Rural Bank commended for supporting poverty alleviation

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The District Chief Executive (DCE) for Gomoa West, Mr Theophilus Aidoo-Mensah, has commended Gomoa Rural Bank for supporting poverty alleviation in its catchment area.

Speaking to the Ghana News Agency at the Bank’s 31st Annual General Meeting at Apam, the DCE said he was highly impressed with the cooperation that existed between the Bank and the District Assembly.

He said through the efforts of the Assembly, the Bank had granted loans to 19 groups of farmers and fisher folks made up of 25 people to a group to support their businesses.

Mr Aidoo-Mensah said to ensure that the beneficiaries paid back the loan on time, the Assembly committed the District Co-operative Officer to educate them on how to utilise the loans profitably.

He said in appreciation of the Bank’s gesture, the Assembly had allocated two stores of its rehabilitated market at Mumford for to operate an agency.

In his report, Mr A.B. Simpson, the former Chairman of the Board of Directors, said the Bank made a profit of GH¢84, 481 in 2011 as against GH¢60 799 in 2010.

He said Customer Deposits rose from GH¢1, 456,603 in 2010 to GH¢2, 479,173, an increment of 70 per cent in 2011 and invested GH¢1, 352,881 in Treasury Bills as against GH¢1, 406,483, the previous year.

Mr Simpson said the Bank recommended a dividend of GH¢0.010 per share as against GH¢0.005 paid the previous year.

He announced that three Banks; Gomoa Rural Bank, Gomoa Ajumako Rural Bank and Eastern Gomoa Assin Rural Bank have agreed to merge in accordance with Bank of Ghana directive and the Association of Rural and Community Banks, Worldwide securities Limited, the Consultants, were working out the modalities of the merger.

In a speech read on behalf of Mr Duke Osam-Duodu, Acting Managing Director of Apex Bank Limited, ARP, by Mrs Grace Bartels-Kodwo, Manager of Accra Branch of the Apex Bank, the Acting Managing Director urged rural and community banks to consider micro-finance and promote it to sustain their Banks.

He urged the Board of Rural and Community Banks to institute a risk management policy to identify, assess, monitor and control risks.

The Acting Managing Director urged the Boards to invest in manpower training to train and retain staff to upgrade skills, knowledge and competence.

He advised the banks to reward distinguished staff who demonstrated good customer skills.

Mr Osam-Duodu urged the Banks to sell domestic transfer of funds through the Rural and Community Banks and the ARB Apex Bank branches to enable them to capture the entire domestic remittances

Source: GNA

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