Jirapa MP lauds Sonzele bank
The Member of Parliament for Jirapa in the Upper West Region, Mr Paul Derigubaa, has commended the Sonzele Rural Bank for its continuous support to organised groups in the catchment area of the bank.
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According to him, the numerous loans and advances to farmers, and workers, among others, had gone a long way to boost their living conditions.
“I am told GH¢1,030,076.00 was disbursed in this direction and I believe that we would surely see changes in the quality of life of the beneficiaries,” he added.
Addressing the 23rd Annual General Meeting of the Sonzele Rural Bank Limited at Jirapa, Mr Derigubaa expressed the hope that the beneficiaries of the gesture from the bank would reciprocate by paying back the loans on schedule in order for others to benefit.
He was happy that the bank had established a micro- finance department to help mitigate rural poverty in the bank’s catchment area and beyond, and said it was his desire as the member of parliament for the area to institutionalise dry season farming through irrigation, with new dams and the old ones rehabilitated and fenced to provide opportunities for the youth.
He, therefore, appealed to the bank to consider supporting the youth since irrigation agriculture was commercial, unlike rain-fed agriculture.
He advised the management of the bank to be wary of the influx of universal banks, which have now ventured into micro -financing, an area hitherto the preserve of rural banks and savings and loans companies.
“The trend requires a change in attitude and professional approach to all aspects of banking transactions; this can be accomplished through a series of training for all categories of staff, as well as the board of directors,” he stated.
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Mr Derigubaa was not happy about the high turn – over of staff and therefore urged the board and management to recruit devoted and committed staff, develop them, pay realistic salaries, among others since these would go a long way to help retain them.
The Board Chairman of the bank, Mr Albert Bosoro, said the bank, as part of its social responsibility, contributed in diverse ways, with a total of GH¢ 28,312.00 being spent on various activities.
He announced that the bank made a profit before tax of GH¢ 389,606.00 last year as against GH¢ 208,512.00 while deposits increased to GH¢ 7,180,399.00 from GH¢ 5,830,843.00.
Touching on repayment of loans, Mr Bosoro said stringent measures have been put in place which has raised the recovery rate to 80 per cent.
He said the bank has commenced feasibility studies to establish an agency at the Wa campus of the University for Development Studies at Bamahu in the Wa Municipality and some of the newly created districts in the region.