Agona Rural Bank records profit in 2022 operations

Agona Rural Bank

The Agona Rural Bank Limited, with its headquarters at Kwanyako in the Central Region, recorded a profit of GHC214,784 in its 2022 operations.

This is against a loss of GHC60,453 in 2021 representing 129.07 percentage increase.
‘’We have started the year 2023 on a very positive note and it is our hope and prayer that the era of losses will come to an end,‘’ Mr James Kojo Buabeng, the Chairman of the Board of Directors, said on Monday.

He was addressing the 36 Annual General Meeting (AGM) of Shareholders of the Bank at Agona Kwanyako in the Agona East District of the Central Region.

The Meeting coincided with the 40th anniversary of the bank where the first directors who established the bank in 1983 were celebrated.

Mr Buabeng said total deposits went up from GHC16,100, 075.00 in 2021 to GHC18, 132, 384.00 in 2022 representing an increase of 12.62 per cent.

Total assets increased from GHC18,987,184.19 in 2021 to GHC21,624,121.00 in 2022, representing an increase of 13.89 percent.

Total loans and advances grew from GHC7, 397, 139 in 2021 to GHC8, 995,145.45 in 2022 representing a growth of 21.60 percent.

The short-term investment made by the bank increased from GHC6, 681, 012.00 in 2021 to GHC8, 355, 724 .62, making an increase of 25.07 percent.

Mr Buabeng said the bank had not been able to meet Bank of Ghana’s minimum share capital requirement of GHC1,000,000.00.

“Presently, we need GHC127,488 to meet our minimum share capital requirement to satisfy the Bank of Ghana (BOG) to enable us to operate as a complete rural bank,’’ he noted.

He called on the shareholders and potential customers to buy more shares to help meet the capital requirement of the BOG.

He appealed to the citizens of Agonaman as well as local and foreign investors to invest in the bank as they would never be disappointed.

In order to meet BoG’s required minimum number of Board of Director, three names have been submitted for consideration and approval to become new members.

They are Mrs Golda Esi Andam, Headmistress of Swedru Senior High School, Mr Prince Yaw Essah, Chartered Accountant, and Mr Harrison Kwesi Baidu.

Mr Philip Lovemore Amedefu, the Chief Executive Officer of the Agona Rural Bank, said the bank’s mission was to continuously improve the market position by living up to customer requirements and expectations.

‘’We shall, therefore, be a customer-oriented bank with improved products to serve our customers,’’ he said.

Mr Amedefu said the bank shall suffer the penalty if it failed to meet the share capital requirement needed by the BOG and appealed to investors and shareholders to get on board.

Mr Kweku Kum, President of the Central Regional chapter of the Association of Rural Banks, commended the Board, Management and shareholders for the hard work and prudent administration that had helped to chalk the success.

He reiterated calls on the shareholders, customers and other potential investors in and outside Agona to buy more shares to keep the Bank in business.

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