{"id":184425,"date":"2024-05-30T04:35:34","date_gmt":"2024-05-30T04:35:34","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/30\/financial-sector-reforms-laudable\/"},"modified":"2024-05-30T04:35:34","modified_gmt":"2024-05-30T04:35:34","slug":"financial-sector-reforms-laudable","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/30\/financial-sector-reforms-laudable\/","title":{"rendered":"Financial Sector Reforms Laudable &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Madam Felicia Aba Dawood<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The financial sector reforms have largely succeeded in terms of enhancing financial development and the expansion in size and diversity of the banking sector, says the Board Chair of Lower Pra Rural Bank in Shama, Felecia Aba Dawood.<\/p>\n<p>Since the introduction of the financial sector reforms, she said banks have derived considerable gains from their investments in government securities and Bank of Ghana (BoG) securities until the Domestic Debt Exchange Programme (DDEP).<\/p>\n<p>Madam Aba Dawood, disclosed this at the 36<sup>th<\/sup> Annual General Meeting of the Bank on Saturday.<\/p>\n<p>She mentioned some specific policy reforms which enhanced banks performance as interest-rate liberalisation, decontrol of credit allocation and the removal of non-performing assets to the Non-Performing Assets Recovery Trust.<\/p>\n<p>She stressed that modern technology and digitalisation is the driving force behind today\u2019s banking and that the banking sector is being repositioned for the task ahead.<\/p>\n<p>\u201cElectronic or E-banking is being introduced to transact banking business across the country\u201d, she indicated.<\/p>\n<p>She said as part of the changes in the banking sector, the minimum capital of Rural and Community Banks was moved from GH\u00a2400,000.00 to GH\u00a21 million.<\/p>\n<p>She also told the shareholders that Lower Pra Rural Bank has exceeded the minimum capital of GH\u00a21 million.<\/p>\n<p>She mentioned that during the period under review, the bank\u2019s total deposits increased from GH\u00a2 183.89 million in 2022 to GH\u00a2236.1 million in 2023 representing an increase of 28%.<\/p>\n<p>She said the bank offered advances to its numerous customers in the form of sundry loans, group loans, loans to salaried workers, overdrafts, consumer goods, and vehicle and building loans.<\/p>\n<p>\u201cThe advances outstanding under our lending programme in 2023 totalled GH\u00a2101.7m as against GH\u00a293.42 in 2022 representing an increase of 9%\u201d, she added.<\/p>\n<p>Madam Aba Dawood mentioned that the bank is not relenting on its effort in recovering all advances and as a result some recalcitrant loan defaulters have been sent to court.<\/p>\n<p>She added that the bank is continuously pursuing its policy of prudent investment to maximise returns on shareholders\u2019 funds.<\/p>\n<p>She said the total investment in near cash securities as at December 31, 2023 was GH\u00a2 110.3m as against GH\u00a267.6m in 2022 representing an increase of 93%.<\/p>\n<p>She disclosed that the total assets of the bank as at December 31, 2023 amounted to GH\u00a2255.9 million as against GH\u00a2201.9 million in 2022 representing an increase of 26.75% adding, \u201cThe growth in the total assets conforms to the bank\u2019s sustainable growth rate policy\u201d.<\/p>\n<p>The outgoing Chief Executive Officer of the bank, Isaac Kwamina Afful, said the bank\u2019s interest was his priority and worked hard to help mitigate credit risk and eliminate fraud.<\/p>\n<p><strong>From Emmanuel Opoku, Takoradi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Madam Felicia Aba Dawood \u00a0 The financial sector reforms have largely succeeded in terms of enhancing financial development and the expansion in size and diversity of the banking sector, says the Board Chair of Lower Pra Rural Bank in Shama, Felecia Aba Dawood. Since the introduction of the financial sector reforms, she said banks have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":184426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-184425","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Sector Reforms Laudable - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/30\/financial-sector-reforms-laudable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Sector Reforms Laudable - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Madam Felicia Aba Dawood \u00a0 The financial sector reforms have largely succeeded in terms of enhancing financial development and the expansion in size and diversity of the banking sector, says the Board Chair of Lower Pra Rural Bank in Shama, Felecia Aba Dawood. 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