South Akim Rural Bank celebrates 40th milestone amidst progress
The South Akim Rural Bank, which was set up at Nankese in the Suhum Municipality in the Eastern Region in 1984, has marked its 40th milestone with a pledge to continue offering financial services to improve the lot of the people.
Nankese, which is located in the cocoa and foodstuffs producing belt, has most of its inhabitants and nearby villages being farmers and petty traders.
The bank, in view of that, started to offer financial assistance to promote such businesses in its catchment areas.
Over the years, its assets, profit and deposits continued to rise, which enabled the bank to also increase its loan portfolio.
For instance, its assets rose from GHS256.50 million in 2024 to GHS315.70 million in 2025, an increase of 23 per cent, while total deposits hiked from GHS210.70 million to GHS264.6 million, and loans and advances grew by 35 per cent from GHS50.6 million to GHS68.3 million, all within the same period.
Addressing staff, shareholders, customers and other beneficiaries at a durbar at Nankese, the headquarters of the bank, last Saturday (February 21), the Acting Head, Financial Institutions in charge of the Supervision Department of BOG, Desmond Agbogah, commended the Board of Directors, management and staff for such a remarkable performance.
Mr Agbogah, who was hopeful that the bank would witness further improvement this year, therefore, urged both the board and management to adopt good corporate governance and effective risk management, best practices that would help the bank to clearly identify, measure, control and mitigate risks associated with the bank's operations.
Mr Agbogah, who represented the Governor of the BOG, Dr Johnson Pandit Asiamah, was hopeful that the directors and management of the bank would continue to adhere to the ethics and professionalism by demonstrating high integrity, transparency and accountability to safeguard the institution and reaffirm depositor confidence.
Rural banking
Mr Agbogah also dwelt extensively on the rural banking sector, whose total assets expanded from GHS18.6 billion in 2024 to GHC24.5 billion in 2025, while credit delivery rose from GHS4.16 billion to GHS6.37 billion, all within the same period.
He stated that the sector's deposits grew from GHS16.1 billion in 2024 to GHS21.1 billion the following year, while investments remained the largest assets at GHS14.0 billion.
On his part, the Chairman of the Board of Directors, Dr Theophilus Knight Oware, said the bank, which started without its own building, smart machines, digital systems and a handful of staff, has now grown with 200 dedicated staff to become not only the pride of Nankese but the Eastern Region as a whole.
He explained that the bank now serves over 80,000 customers from Nankese, Suhum, Koforidua, Asamankese, Adoagyiri, Osenase and Kade, together with their nearby villages.
Scholarship scheme
With regard to its corporate social responsibility (CSR), Dr Oware stated that the bank has introduced a scholarship scheme to support brilliant, needy students by paying their fees to offer them the opportunity to pursue their education.
The bank, he also indicated, has supported the establishment of a vocational training centre to offer practical skills for young persons.
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