Hohoe, Oct. 28, GNA - Togbega Kpekpewuzu Gabusu VI paramount chief of Gbi and Togbega Kwadzo Dei XI, Deiga of Peki Traditional area on Friday jointly cut the sod for the rehabilitation work to begin on the proposed Gbi Rural Bank at Hohoe.

The 400 million cedis project, to be completed by June 2006, is part of activities marking the 10th celebration of Gbidukor festival, which will be climaxed with a grand durbar on Saturday October 29. Mr Henry Dei, Chairman of the proposed bank said members of the board of governors were busily doing the necessary documentation for approval by the Bank of Ghana and was optimistic that they would meet all the requirements to enable them to receive the license of authorization and operation.

He said over 425 million cedis had already been raised and an expected target of 1.5 billion cedis would be attained soon adding that the feasibility report gave a positive pointer for investment. Mr Dei called on corporate institutions, businessmen and women, traders, farmers and non governmental organizations to patronize shares floated at 5000 cedis at a minimum of 20 units to better their lot. Togbega Gabusu reiterated the importance of banking to the socio-economic development of the country and urged all business entities to patronize the bank when it is fully operational. He appealed to all traditional authorities to buy shares in the bank to generate income for the traditional stool, as royalties from timber and minerals were not available.

Togbega Kwadzo Dei urged the people to invest in the bank and refrain from investments in alcohol and funerals.