The Agona Rural Bank at Agona Kwanyako in the Central Region continues to make giant strides despite national economic challenges. The bank’s Total Assets increased from GHS 21,624,121.00 in 2022 to GHS 26,604,992.00 in the year under review, 2023, and its Deposit also increased from GHS 18,132,384.00 to GHS 23,009,708.00 during the same period.
The Chairman of the Bank’s Board of Directors, Mr. James Kojo Buabeng, disclosed this at 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 GHS 8,335,742.62 to GHS 8,786,422.00, with an Operating Profit after Tax of GHS 92,689.00 as against GHS 214,784.00 in the previous year, 2022.
It also recorded Total Gross Loans and Advances of GHS 8,995,145.00 to GHS 13,221,783.00 during the same period.
However, despite these achievements, the Bank has 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’s experience in the financial sector.
Meanwhile, the Association of Rural Banks has urged all Rural banks in the country to adopt the system of ‘poll voting,’ where votes in decision-making, particularly during AGMs, will not be counted by hand but according to the number of shares held by a holder.
The Administrator of the Central Regional Chapter of ARB, Mr. Arkurst Yamoah, who delivered the admonishing at the meeting, said the mechanism is not only to ensure that holders with higher shares have a say in the decision-making process 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 of the bank and their prolonged service to the bank.
