Amanano Rural Bank to support agriculture
The Amanano Rural Bank in the Atwima Mponua District of the Ashanti Region is set to support the development of agriculture in its catchment area.
The bank, in the year under review, voted GH¢1,367,137 to support agriculture as against GH¢459,894 in 2012, representing 21 per cent of its total loans and advances portfolio given to its clients.
The support went into the activities of agricultural projects such as citrus farming, poultry, palm plantation, with cocoa production taking the larger share of all advances and loans.
This was to assist the farmers to buy farm inputs and foot other expenses such as hiring of labour and other operational costs to enhance their productivity.
The General Manager of the bank, Christiana Osei-Bonsu, who disclosed this at the bank’s 26th annual general meeting, said the bank decided to support the sector since it could create jobs for the youth and also enhance productivity.
He said since the bank operated in rural part of the country, supporting the agricultural sector was not a bad idea since the youth, who would have moved to the cities to search for non-existing jobs, would be meaningfully engaged to earn a decent living.
This could also enhance the nation’s gross domestic product (GPD) since some of the farm produce such as cocoa could be exported to earn the nation foreign income.
He assured the people in its catchment areas, especially the youth to take an active role in agriculture to enable the nation sustain its food security and its commercial crop production for both domestic use and for export.
The board chairman of the bank, Mr Isaac Kwasi Asante, said despite the microeconomic challenges that confronted the nation due to the 2012 general election, coupled with the slight increase in the government’s treasury bills among other factors, the bank was able to make some giant strides.
The bank made a net profit of GH¢711,871 in 2012 as against GH¢569,972.00 in 2011, representing 24.9 per cent growth in its operations.
An amount of GH¢10,410,409 was spent on the purchase of cocoa in 2012 as against GH¢6,340,178.65 in 2011, representing 64 per cent all geared towards the development of the agricultural sector.
Mr Asante said the total deposit of the bank also grew from GH¢9,826,415 to GH¢11,405,103, representing 16 per cent increase.
The bank’s loan and advances portfolio had seen growth to GH¢7,726,772 as against GH¢5,136,988 in 2011 which represented 50. 41 per centincrease.
The General Manager of the ARB Bank, Mr Kwadwo Ayeh Kusi, in an address read on his behalf, commended the bank for the gains made over the years and their support to farmers in the area.
He challenged rural and community banks to take advantage of their presence in rural communities and come out with products that would help them improve upon their standard of living.