Jomoro Rural Bank achieves satisfactory growth

General News of Monday, 5 November 2018

Source: www.ghanaweb.com

2018-11-05

Prof. Cosmos Cobbold addressing the public

Jomoro Rural Bank has posted a satisfactory growth in all financial indicators for the 2017 year under review.

The bank’s total income increased by 29.92 per cent from GHC 3,562,341.00 in 2016 to GHC 4,627,965.00 in 2017, while total expenditure also increased from GHC3,060,559.00 in 2016 to GHC 4,026,959.00 in 2017 recording an increase of 31.58 per cent.

The Chairman of the Board of Directors, Prof. Cosmos Cobbold, announced this at the 21st Annual General Meeting (AGM) held last Saturday, November 3, 2018 at the forecourt of the bank’s Head Office in Tikobo No. 1.

He pointed out that the 2016 financial year witnessed shocks in the economy resulting in a rise in inflation and depreciation of the cedis against major currencies, upward adjustment in prices of petroleum products, transport cost, interest rates trended downward, Monetary Policy Rate (MPR) was also cumulatively reduced from 25.5% to 20% among others.

Prof. Cobbold, said Ghana’s Gross Domestic Product (GDP) growth in 2017 was estimated at 8.5 per cent compared to 3.7 per cent in 2016 adding that general economic activities in the country could best be described as modest.

He admitted that in spite of the challenging macro-economic environment and other factors that pertained during the year, the Bank managed to pull yet another satisfactory operational performance in all its financial indicators.

As part of its corporate social responsibility, the Bank provided assistance to various communities, institutions and individuals within its catchment area, Prof Cosmas said apart from affording over 30 students from various tertiary institutions in the country the opportunity to undertake their internships, the bank spent a total amount of GHC 10,105.00 in the areas of education, health, sports and culture in the year under review.

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