Home Business Finance Asokore Mampong Rural Bank poised to lead the rural banking sector

Asokore Mampong Rural Bank poised to lead the rural banking sector


The Asokore Mampong Rural Bank (AMRB), will continue to develop innovative products and strategies to stay on top as the preferred rural bank in the Ashanti region. 

Nana Boakye Ansah Debrah, Asokore-Mamponghene and Board Chairman of the bank, who stated this said the bank was poised to lead the competition in the rural banking sector with attractive and innovative products for its customers.

Speaking to the Ghana News Agency in an interview in Kumasi, he said the bank which was started five years ago was growing due to the prudent financial management, innovative products and hard work of the management and staff of the bank.

He said despite the economic challenges in the financial sector, the bank was able to make a profit of GH₵349,310 to close the year 2022.

This significant figure, according to him, was achieved through prudent management and hard work by stakeholders of the bank.

Nana Ansah Debrah said the economic environment had been challenging to financial institutions in the country as the country’s macroeconomic performance worsened.
This was more crucial when the government announced Domestic Debt Exchange programme (DDEP).

Additionally, the astronomical rise of inflation levels increased the cost of borrowing making it difficult for individuals to access credit facilities.

“The Ghana Cedi also saw its worse depreciation in decades, compelling businesses to purchase other currencies at a store of value”, he said.

He said that total asset of the bank increased by 22.2 per cent on the previous figure of GH₵17.5million to GH₵21.4 million by the end of 2022.

He added that the total deposits of the bank also grew by 18.68 percent reaching GH₵19.88 million.

The Board Chairman said the bank had a mission to promote the socioeconomic growth of the communities and had thus, spent an amount of GH₵5, 080 on corporate social responsibilities.

The Board Chairman urged stakeholders and customers to continue to have faith in the bank for better prospects and services.

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