Shama (W/R), Sept. 28, GNA - The Bank of Ghana (BOG) in collaboration with Cocobod is developing strategies to improve payment for cocoa purchases.

Mr. Emmanuel Asiedu-Mante, First Deputy Governor of Bank said this at the 20th Anniversary and 15th Annual General Meeting of the Lower Pra Rural Bank at Shama at the weekend.

He said the move is due to experiences in the 2002/2003 main crop season, during which some Licensed Buying Companies paid farmers with cash instead of Akuafo Cheques.

In addition, he said, fraudsters used fake currency causing inconvenience to farmers.

Mr. Asiedu-Mante said BOG is studying problems associated with the Akuafo Cheque system to enable it to be re-launched since it is a better way of inculcating banking culture in farmers.

He said that the total assets of Rural Banks increased from 863,79 billion cedis in December 2002 to 976,89 billion cedis as at the end of June 2003.

Mr. Asiedu-Mante said by the end of June 2003, 94 of the 115 Rural Banks in the Country were classified as satisfactory. The total deposits of the banks also went up by 72.07 billion cedis from 667.11 billion cedis in December 2002 to 739.18 billion cedis in June 2003.

He said as at June 2003, out of the 115 rural and community banks, 70 of them had settled in full their capital subscription of 20.0 million cedis to the Apex Rural Bank (ARB) while 45 made partial payment.

Mr. Asiedu-Mante reminded the banks that the public in the years ahead would look for those with improved customer service, dedicated staff and innovative products. This expectations, he said, calls for pragmatic policies that would ensure efficient growth. Mr. Asiedu-Mante charged the management of banks to have foresight and to address challenges to sustain the growth and development of the banks.

"The challenges now is to consolidate the gains made so far and to take concrete measures to improve upon them, adding, the task ahead is enormous but with dedication and unity of purpose, this would be surmounted", he advised.

Mr. Asiedu-Mante later commissioned a one point two billion- cedi Head Office building of the Bank.

He commended the Lower Pra Rural Bank for its handwork. Some board members, management, staff and customers of the bank were honoured.

Mr. Nathaniel Arthur, Chairman of the Board of Directors, said the bank made a net profit before tax of 1,937,081,000.00 cedis.