Ahantaman Rural Bank records significant growth despite economic turbulence

October 14, 2023
Ahantaman Rural Bank records significant growth despite economic turbulence

The Ahantaman Rural Bank has reported impressive growth in the year under review despite economic challenges. According to Mr Eric Daning, Chairman of the Board of Directors, the bank raised the bar in deposits, investment, paid-up capital, and total assets in 2022.

The bank's total income grew to GH¢45,956,887, a 12.57 per cent change from GH¢40,824,982 in the previous year. Deposits grew to GH¢178,237,582, representing a 24.38 per cent growth from the previous year. Meanwhile, paid-up capital increased from GH¢5,745,516 to GH¢7,096,624, and total assets rose to GH¢207,458,353.

Despite the challenging business environment, the bank was able to make significant strides. Mr Daning said, “Haircut or no haircut, your Bank chalked an incredible success and was able to offer you a more excellent service.”

The bank, however, could not pay dividends to shareholders in line with the 's directive on Policy and Regulatory Reliefs for Specialised Deposit-Taking Institutions.

The Board Chair also reported that the bank had made significant advancements in its information and communication technology to improve its services to clients.

The bank now operates an electronic passbook system and 24/7 online access to banking details and services for clients.

The bank spent GH¢347,504 on social interventions, including traditional authorities, Appiatse disaster, educational scholarship, medical support, and farmers' day in its catchment areas.

The bank also built a one-storey edifice near the Apremdo Market to improve its general operating environment.

Mr Daning appreciated the selflessness of the staff and former leadership of the bank for their commitment and invaluable support in steering the affairs of the Bank.

The corporate governance report also showed impressive adherence to all financial reporting standards, internal control mechanisms, anti-money laundering, and other provisions as contained in Acts 930 and 992.

Dr Toni Aubynn, Board Chairman of the Apex Bank, praised the Ahantaman Rural Bank for its good management services that had yielded impressive results amid the current tough economic climate.

He also urged creditors of the Bank to redeem their debts to enable the bank to become increasingly liquidated. “Ahantaman is shining, and we need to keep the light shining,” he said.

The Board Chair hinted at the upcoming 40th anniversary of the bank in 2024, stating plans to honour deserving individuals who had contributed significantly to the progress and sustenance of the Bank.

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