BOSOMTWE RURAL BANK, BEST IN ASHANI (PAGE 21)

THE Bosomtwe Rural Bank in the Ashanti Region was adjudged the best and strongest rural bank in the region in 2008.
Out of the 125 rural banks in the country, the Bosomtwe Rural Bank was also adjudged the fourth best in terms of revenue generation, deposits, access to loans to enable customers to initiate and expand their small-scale businesses, investment ventures, assets of the bank, among other criteria.
Two years ago, the bank was adjudged not only strong and third best among the 125 rural banks in Ghana but also the best in the Ashanti Region.In 2006 it retained its position as the best rural bank in the Ashanti Region and third best in the country.
As part of measures to ignite healthy competition, best practice and business consciousness among rural banks in the country, the parent bank of the Association of Rural Banks in Ghana — ARB Apex Bank — decided to rank all rural banks to determine which of them stood tall among the lot.
Commenting on the performance of the Bosomtwe Rural Bank over the years, the Supervising Manager, Mr Felix Owusu-Achiaw, said it was the initiatives of the board of governors, the management and staff of the bank, as well as the maximum support and co-operation from shareholders that had attracted the attention of the ARB Apex Bank, making the parent bank recognise it as one of the best financial institutions in the country.
Mr Owusu-Achiaw noted that in 2006, for example, the net profit of the bank stood at GH¢251,758.15, rising to GH¢332,608.46 in 2007.
He said the unaudited profit of the bank for 2008 was GH¢478,340.18, indicating that prudent measures initiated by the management of the bank were yielding fruitful results.
On loans investment by the bank over the past three years, he said in 2006 over GH¢2.3 million was granted as loans to small-and medium-scale businessmen and women to enable them to expand their businesses or start new ones to enhance the accelerated development of communities in the bank’s catchment area.
He said total loans granted to small-and medium-scale operators increased in 2007 to GH¢4,095, 0.10, 98, adding that last year as much as GH¢5,345,400 was given out as loans.
Mr Owusu-Achiaw pointed out that in 2006, the bank was able to generate as much as GH¢4,867,045 revenue from deposits alone, increasing to GH¢6,499,717 in 2007, noting that as of December last year GH¢7,612,049 had been realised as deposits.
On investments to enhance accelerated income generation by the bank, the supervising manager said in 2006 the bank was able to invest GH¢2,444,000 in productive ventures and that increased to GH¢2,707,000 in 2007, and that as of December last year, over GH¢2.9 million had been invested in various areas.
On the bank’s reserve liquidity, Mr Owusu-Achiaw said three years ago, it was able to reserve GH¢892,776.91, which was increased to GH¢1,136,255.68 in 2007 before increasing further to GH¢1,642,300 as of December 31, 2008.
He said good customer services by the management and staff of the bank was also enticing many people to do productive business with the bank in all its branches at Trede, Atonsu, Atwima Amanfrom, Jachie, Kokofu and Ahenema Kokoben and at the parent bank located at Kuntanase.
He said the bank’s mobilisation points at Atonsu-Bokro and Asafo-Dadiesoaba in Kumasi were also receiving much attention and explained that the customer base of 48,000 in 2006 increased to 55,000 in 2007 and that as of the end of last year 75,000 people were doing brisk business with the Bosomtwe Rural Bank.