Brakwa (C/R), Sept. 1, GNA - Mr Emmanuel Kwapong, Managing Director, Association of Rural Banks (ARB), Apex Bank Limited, has said that Rural Community Banks (RCBs) faced a number of problems and constraints that hamper their growth and government was providing solutions by initiating the Rural Financial Services Projects (RFSP).

This was contained in a speech read for him by Mr Kwadwo Kusi, Head, Finance and Account, ARB, Apex Bank Limited during the 18th annual general meeting of the Brakwa-Breman Rural Bank Limited at the weekend at Brakwa in Asikuma-Odoben-Brakwa District.

Mr Kwapong said some of the problems included weak management as a result of their inability to attract qualified and suitable personnel, low capital base-shareholders who are generally poor and therefore, could not make substantial investment in the rural banks and unsatisfactory cheque clearing arrangements, resulting in lack of confidence in rural banks.

He said ARB Apex Bank is one of the components of the RFSP, designed to provide vital banking and non-banking services for the RCBs. Mr Kwapong announced that with funding support from the RFSP, the ARB Apex Bank would upgrade five centres into branch offices in Accra, Kumasi, Takoradi, Sunyani and Bolgatanga over the next two years. He said it was expected that three of them would be opened this year in Takoradi, Kumasi and Sunyani.

The Chairman for the Board of Directors for the Brakwa Breman Rural Bank, Mr Emmanuel K.A. Obeng announced that "Help Age Fund", a special contribution by shareholders and other customers aimed at helping the aged, the poor and the needy has been instituted at the bank. The Manager for the Bank, Mr Paul Cosmos Arthur, said that with the advice of the Ghana Education Service, the bank has instituted a scholarship scheme to promote secondary education for the wards of shareholders.