By
Dennis Peprah, GNA
Seikwa (B/R), Dec.
10, GNA – The Nkoranman Rural Bank has provided loans totalling GH¢ 574,100.00
to farmers in the Tain District of the Bono Region to strengthen and sustain
government’s flagship Planting for Food and Jobs programme (PFJs) in 2018.
Again, the Bank
channeled an amount of GH¢243,720.00 to Small and Medium Scale Enterprises and
further advanced credit facilities totalling GH¢2,021,10.00 to 230 micro
finance groups in the area.
Mrs Victoria Konadu,
the Board Chairperson, disclosed this at the bank’s 22nd Annual
General Meeting, held at Seikwa.
He said GH¢258,640.00
was also given out as loans to susu customers.
She said in 2018 the
agricultural sector experienced a breakthrough as a result of the PFJs, and
favourable weather conditions, which pushed the Bank to support the farmers as
a means for the PFJs to achieve desirable results.
Mrs Konadu said with
a revitalised agriculture sector under the PFJs and other government’s social
intervention programmes, stability in the energy sector and growth in many
areas, the Ghanaian economy in 2018 experienced tremendous growth.
The macro-economic
environment experienced relative stability, with the prime rate changing from
21 per cent at December, 2017 to 17 per cent as at December 2018.
Inflation declined
in the same period from 12.20 per cent in December 2017 to 9 per cent in
December 2018, whilst “the two-year and one-year notes remained at 16 per cent
and 15 per cent respectively as at December 2017 to December 2018”.
Mrs Konadu said the
91-day and 182-day bills had slight changes as at December 2017 from 13.20 per
cent and 14.1 per cent to 13.40 per cent and 14.20 per cent respectively as at
December 2018.
The cedi, however,
depreciated significantly against all the major foreign currencies during the
same period at depreciation rates of 5.60 per cent, 4.10 per cent and 4.90 per
cent against the USD, GBP and Euro respectively at the close of the fourth
quarter, 2018, she added.
Mrs Konadu said Bank
of Ghana’s comprehensive action plan to clean up banks and specialised deposit
taking institutions to strengthen the banking sector in the country has brought
some fear in the banking public and adversely affected the Rural and Community
Bank’s deposit base.
“Notwithstanding the
above indicators that point downwards in the right direction, banking
operation, especially profitability was affected as a result of the fact that
Treasury bill rates and lending rates continued to decline”.
“It is also
envisaged that banking operations generally, will be affected in the 2019
financial year if the regulators don’t boost customer confidence in the banking
sector”, she said.
Mrs Konadu commended
shareholders and customers for their loyalty to the Bank and assured them of
continuous excellent banking services in ensuing years.
She said though the
Bank has exceeded the BOG’s required minimum capital investment of GH¢1,000,000.00,
there is the need for shareholders to buy more shares and urged customers to
endeavour to pay their loans at stipulated periods.
Mrs Charity Oforiwaa
Dwomoh, the Tain District Chief Executive, urged the people in the area to
transact business with the Bank and entreated farmers to adopt the habit of
saving to give them financial stability.
She said the future
of the bank was brighter and called on Management to be innovative and improve
on their services.
Mr Ali Maamah, the
General Manager of the Bank, said as a result of its impressive performance,
the bank has become attractive to individuals and businesses in its operational
area.
He said the bank
would continue in its efforts to roll out excellent banking packages and
advised customers to buy more shares.
GNA
