Kukuom (B/A), Jan. 11, GNA - Rural Banks with the assistance of six Licensed Buying Companies, has purchased 550 billion cedis worth of Akuafo Cheques since October 2003, when the major cocoa season was opened.

Mr. Emmanuel Kwapong, Managing Director of ARB Apex Bank, who announced this at Kukuom in the Asunafo District, said the figure could rise to trillions of cedis at the end of the season if the trend continued.

Addressing the 5th Annual General Meeting (AGM) of the Ahafo Community Bank, he called on rural banks to upgrade their operational efficiency to meet the needs of the communities they operate in. Apex Bank would not relent in providing support and cooperation to enable them to complement the government's poverty reduction strategies, he said.

Mr. Kwapong said Bullion Vans had been purchased to expedite cash delivery, adding that, the Apex Bank would continue to build the capacity of rural banks through training.

HE said more than 10,000 persons had so far patronized the Apex Link Product, transferring over 25 million cedis through rural banks across the country.

Mr. Joseph Osei-Kwame, Chairman of the Board of the Community Bank, said the bank made a net profit of 219 million cedis in 2002 as against 162 million cedis in 2001 representing 34.6 percent growth. "The bank has also spent a total of 12 million cedis on various development projects, including scholarships to students as part of its social responsibility," he added.

Mr. Osei-Kwame said the bank had been selected among 53 best performing rural banks nation-wide to participate in micro-finance projects including the Village Infrastructure Project (VIP) and the Social Investment Fund (SIF) in the Asunafo and Asutifi Districts. The Board Chairman disclosed that the bank, as at September 2003, had granted a total of 1.5 billion cedis in loans to 1,265 persons engaged in various economic ventures.

Mr. George Yaw Boakye, District Chief Executive (DCE) urged the management of the bank to adopt pragmatic strategies to attract more shareholders and customers.

The bank presented a cheque for 20 million cedis to the President of Kukuom Traditional Council, Osahene Kweku Atekyi, as its contribution towards preparations for the smooth take-off of the newly created Asunafo-South District with Kukuom as headquarters.