By Robert Ayanful
The Agona Rural Bank at Agona Kwanyako in the Central Region continues to make stride in gains, despite national economic challenges, with the Bank’s Total Assets increasing from GH 21,624,121.00 Cedis in 2022 to GH 26,604,992.00 Cedis in the year under review, 2023 with its Deposit also increasing from GH 18,132,384.00 Cedis to GH 23,009,708.00 Cedis under the same period.
This was disclosed by the Chairman of the Board of Directors of the Bank, Mr. James Kojo Buabeng during the 37th Annual General Meeting of the Bank at Agona Kwanyako over the weekend.
Addressing the meeting, the Board Chairman further disclosed that the Bank’s Short Term investment also increased from GH 8,335,742.62 Cedis to GH 8,786,422.00 Cedis with an Operating Profit after Tax of GH 92,689.00 Cedis as against GH 214,784.00 Cedis in the previous year, 2022. It also recorded a Total Gross Loan and Advances of GH 8,995,145.00 Cedis to GH 13,221,783.00 Cedis under the same period.
But despite this achievements, the Bank is yet to meet the Minimum Capital Requirement of GH 1 million Cedis set by the Central Bank ( the Bank of Ghana) BoG.
This was attributed to the Domestic Debt Exchange Program that was experienced in financial sector. Meanwhile, the Association of Rural Bank’s has urged all Rural Bank’s in the country to adopt the system of ‘poll voting” where votes in decision making, particularly during AGMs will not be counted by hands, but according to the number of shares by a holder.
The Administrator of the Central Regional Chapter of ARB, Mr. Arkurst Yamoah who madre the admonishing at the meeting said the mechanism is not only to ensure that holders with higher shares have a say in the decision of the operations of the Bank, but will also encourage members to purchase more shares.
The eleven founding members of the Bank were later cited and honored.
They include Dr. Nana Ampem Darko V- Chief of Agona Kwanyako, Hon. S. K. Hazel- then Member of Parliament for the Agona Constituency, Major (Rtd) Ben Donkor of Agona Asafo, Nana Kumi Pako I of Agona Kwanyako, Mr. C. K. Ansong of Agona Swedru, Mr. Anthony Duker also of Agona Asafo, Mr. S. K. Adjei of Agona Kwanyako, Dr. Barn Forson of Agona Kwanyako, Nana Ntsiful Abredu II of Agona Mankrong and Nana Asare Ansah II of Agona Surumanya. Some dedicated staff were also awarded for their commitment to the growth and development as well as long service to the Bank.