The Dumpong Rural Bank PLC, a Public Liability Company, has held its 27th Annual General Meeting at Kwahu – Asakraka.
The meeting held on Wednesday, November 23, was to receive the Chairman’s report, Directors report and Auditors report for the year ended 31st December, 2021.
The meeting was also to fix allowances of directors, election of directors, and to authorize the directors to fix the auditors fees and also discuss any other business on the floor.
Speaking in an interview with myrepubliconline.com’s Andy Frimpong Manso, the Board Chairman of the Dumpong Rural Bank, Mr. Asumadu Joseph said, the bank has been making a significant progress since its inception.
The board chair added that experience used to be the forefront of dealing with issues but knowledge and experience are currently the two topmost qualities used to address challenges.
Mr. Asumadu stated that the bank has well qualified and in- depth personnel ranging from Chattered Accountants and legal professionals to assist the bank in its operations at the top level.
He disclosed that the bank is making preparations to script a documentary for public viewing in all of its branches.
The board chair further reiterated that the bank is currently making efforts to find larger market share within the region in the coming years.
The board chair added that, the bank has a compelling interest rate to attract customers. He opined that the motive for having the lowest interest rate is to encourage more customers to seek for credit bailout to support their business.
The bank is also making plans to expand its support on food production by giving loans to Agric business as part of efforts to help subsidize and shore up SDG’s.
Mr. Asumadu attributed the banks success to the call up that was made by the former board chairman to include him(the current board chair) and his colleagues to come on board to support the operations of the bank before the previous board exited.
The current board and management have been intensifying efforts to retrieve and cover debts to improve the bank’s operations.
In addition, the bank has called on all the shareholders to collectively purchase additional shares to shore – up the capital position to help meet the capital requirements of the Bank of Ghana for effective and efficient operation.
Currently, individuals, corporate organizations and families could acquire Dumpong Rural Bank’s shares with a minimum of ¢200 at ¢0.10 per share.
The Bank made a significant increment of total deposit amounting to Gh¢24.6 million in 2021 as against Gh¢21.4 million in 2020, representing an increment of 15.11%.
Total assets accrued was estimated to Gh¢24.23 million in 2020 as against Gh¢26.12 million in 2021, representing 7.78% increment. Investments by the bank was grossed at Gh¢10.3 million in 2021 against Gh¢8.2 million in 2020, representing 25.15%. Shareholders fund dropped from Gh¢402,522 in 2020 to a decrease of Gh¢279,939 in 2021, representing 30.45%.
The Bank of Ghana also approved the appointment of Mrs. Vida Marfo as a director of the Bank with two persons namely, Mr. Richard Enoch Arkaifie and Mr. Stephen Boateng Mensah having been submitted to the Bank of Ghana for approval as directors. This is in sharp line with the approval shareholders gave to directors to appoint additional members to meet the number of directors as instituted in the corporate governance directives.
The Annual General Meeting also awarded the CEO, Mr Richard Osei for this tremendous contributions to the bank within the past 15 years.
Mr. Yeboah Ernest, Mrs. Agnes Effah, branch manager for Koforidua, Mr. Godsway, Asakraka branch manager, Ivy Bekoe, branch manager for Ejisu, Mr. Samuel Odei Tenkorang, credit officer, Mrs. Evelyn Anim Addo, operations officer at Koforidua, Mrs. Patience Yankee, operations officer for Kwahu-Tafo and Mr. Benson Sarpong Credit Manager were also awarded for their immense contributions to the bank, spanning over 25 years of dedication and selflessness to the growth of the bank.
Corporate Social Responsibility
The bank undertook some corporate social responsibilities to give back to the community. As part of this initiative, five (5) computers were donated to Asakraka M/A Basic school. Additionally, contributions were made to the Kwahu West Municipal Assembly, Kwahu South Municipal Assembly, Kwahu East District Assembly and the Birim North District Assembly towards the farmers day celebrations. It’s also supporting a 180-acre onion farms being spearheaded one Mr. Baah Michael at Kotoso.
