The leadership of Wasa Amenfi East Students Union – Waesu, strongly render unqualified apologies to the Board members, management and shareholders of the “Amenfiman Rural Bank” for some comment or statement about the bank in our press release published on various media platforms on July 23, 2014 titled as “Wasa Amenfi East Students Appeal for More banks”.

We therefore apologize and retract the portion of the press release which says, “There is only one Rural Bank operating as a monopoly from the past 20 years” and “Majority of farmers, traders, government workers and miners are fed up with the old Rural Bank due to its poor services, high interest rates and charges, exploitation and lack of competition among others”.

It was unfortunate and irresponsible on our part to have made such comments which has the potential of attritting or downgrading the banks hard earned reputation. On behalf of all Waesu members, we apologize for any inconvenience caused.

We have realized that, much emphasis must be placed on monetary worth than sentimental value in dealing with issues of such nature. We wouldn’t hesitate to point out or admit that we erred and duly apologize. Waesu have no ill motive against our own rural bank.

In as much as calling for another bank will strengthen ARB and ensure competition and innovation, which should not be a reason or justification for discrediting our only traditional Bank of which our forefathers strived to establish.

In fact as we speak now, ARB employs almost half of our members who graduates from the tertiary and second cycle institutions every year. Apart from that, the bank has various scholarship schemes to support students education in our district, which we really appreciate.

According to its 2013 annual report, the bank was adjudged the leading bank in the rural banking category and the 35th company in the prestigious club 100 listing of the Ghana club 100 awards, an initiative of the Ghana investment promotion Centre.

The bank has increased the amount awarded to beneficiaries of its scholarship scheme by 100% from GHC 300 per year to GHC 600 per year due to the general increase in fees at the tertiary and secondary levels of education as commitment to invest in the future of our youths and children.

It must also be added that, as part of its corporate social responsibility program according to the Bank’s 2013 annual report, it invested a total of GHC 43, 1200.00 into community activities which included financing the construction of Laundry project at the Wasa Akropong Government Hospital and Cold Room for the District Health Directorate.

In the light of all these remarkable and tremendous achievements, it is evident that the above these unfortunate statements cannot hold. We would therefore call on the general public to treat these statements in the said publication with the necessary contempt.

Waesu will use this opportunity to plead with the Bank to invest in our community research and development program to foster development and carry out sensitization and educative programs on issues of health, education, and banking etc. in the wasa Amenfi East District. We would commend Mr. Alexander Asmah C.E.O of Amenfiman Rural Bank for showing professionalism and diplomacy in handling the affairs of the Bank.

Long live Ghana! Long ARB!! Long live WAESU!!!

Signed: Clement Taylor - president
Paul. K. Gyan - Financial Secretary 054 827 0430
F. K. Kumah - Public Relations 0506915349