Afram Community Bank exceeds BOG’s minimum capital requirement

Tease (E/R)- The Afram Community Bank Limited has exceeded the Bank of Ghana’s (BOG) minimum capital requirement of G,000,000.00 by GH336,047.00 as at December 2017.

Disclosing this during the 35th Annual General Meeting (AGM) held at Tease in the KwahuAfram Plains South District, Mr Jeffery Konadu- Addo, the Chairman of the Board of Directors of the bank said despite the economic challenges facing the banking sector in recent times, the bank was able to make a profit of Gh612,519.00 in the year under review as against G27,967.00 in 2016.

He said the bank deposit grew by G1,143,275 in 2017 as against GH7,370,199 in 2016.

The bank’s total assets also grew marginally by G3,788,337 in 2017 as against GH9,575,854 in 2016, representing 44 per cent.

MrKonadu- Addo described the bank’s microfinance sector as the soul of its operations.

In a speech read on behalf of the Managing Director of ARP Apex Bank Limited, MrKojoMattah called on Rural and Community Banks (RCBs) to tighten their Internal Control Process in order to prevent unscrupulous persons from exploiting the weak systems to the disadvantage of the banks.

He urged the directors of the bank to abide by the Bank of Ghana (BOG) directives in granting loans to serving directors.

MrMattah entreated the banks to deploy technology in their activities since that has become the key driver of products, services and processes in the contemporary banking industry.

Source: Ghana News Agency