Fomena-Ashanti, Aug. 3, GNA - Shareholders of the Adansi Rural Bank have expressed indignation over the reluctance of customers to repay loans granted them by the Bank totalling more than A2302,000 Ghana Cedis.

At their 19th annual general meeting (AGM) at Fomena-Adansi in the Ashanti Region, the shareholders maintained that such credit facility was a revolving fund and that people's refusal to pay back loans would ruin the chances of other prospective beneficiaries. They therefore urged the bank to adopt aggressive measures to retrieve those monies to enhance the bank's capital base. Mr Ahmad K. Boakye, Board Chairman of the Bank, in his report, announced that loan beneficiaries owed the bank to the tune of ¢302,505.00 as at 31st December, 2008.

Mr. Boakye said despite the numerous challenges, which include the upward adjustments in crude oil prices, the Bank recorded a profit of ¢268,512.00 Ghana Cedis before tax as against 233,742.00 Ghana Cedis recorded in 2007, representing a 14.9 per cent increase. The Chairman said the stated capital of the bank also increased from 112,072 Ghana Cedis in 2007 to 172,940 Ghana Cedis in 2008, representing an increase of 54.0 per cent, in addition to meeting the Bank of Ghana's capital requirement of 150,000 Ghana Cedis. On Akuafo cheque purchases, Mr. Boakye said the performance had declined as total purchases for the year was 4.3 million Ghana Cedis, adding most cocoa farmers these days preferred cash sales to the use of cheques.

Alhaji Lateef Majduob, Adansi North District Chief Executive (DCE) encouraged the bank to define a new direction in the context of changing economic and technological environments, to enable it to remain in business and to realize its corporate objectives.

He further encouraged the bank to make its banking hours more flexible for the benefit of its numerous customers.

The DCE announced that the Assembly, in collaboration with the Rural Enterprise Project, was offering management and technical training to medium and small-scale entrepreneurs in the district, and that the assembly was prepared to serve as guarantors for beneficiaries to source loans from the bank. 03 Aug 09