The Kwahu Praso Rural Bank Limited has held its 25th Annual General Meeting of stakeholders to discuss matters of importance and to also celebrate its 40 years of existence at the Presbyterian Church premises in Kwahu Praso on Saturday, August 27.
The meeting was focused on the Annual report from the Chairman of Board of directors. It was also to receive and consider the report of the Directors, statements of Accounts for the year ended 31st December 2021 and the auditor’s report.
Another focus was the election of new directors to replace the existing retiring. It also tackled the approval of remuneration of directors, authorizing the directors to fix the remuneration of the auditors, and resolution to register Kwahu Praso Rural Bank Limited as a Public Liability Company (PLC) as required by law.
Resolution to authorize the top ten shareholders to act or sign on behalf of all shareholders at the Registrar General’s Department, Resolution to increase the price per share from 0.50 to Gh¢1.00 were also considered.
Speaking in an interview with Republic FM’s Andy Frimpong Manso, Mrs Lucy Opoku Arthur, the Chief Executive for the Bank said collaborative efforts of the management and its staff, have kept the bank this far.
She added that the services rendered to its customers and the corporation have helped reduce bad debts in its operations.
“We’ve been able to put our heads together, there’s no division between us, including the management and the staff but one thing for sure is that we don’t stay in our banking halls to transact business. We go out, engage our customers and clients and then have a discussion with them on how best we can support them. At some point, we go to farmers on their farms and engage them too and these are some of the best practices that have kept us this far; by these practices, we are able to recoup the majority of the loans we give out“, she stated.
In her briefings, she further entreated all individuals to ply their trade with the Kwahu Praso Rural Bank. The bank has made significant gains in the last years as compared to 5 years ago.
The CEO urged the masses to buy more shares as the bank has continued to see successive improvements.
The bank drafted a resolution and increased the price per share from 0.50P to Gh¢1 to boost the market value of the bank’s shares.
Kwahu Praso Rural Bank has 7 branches across the Eastern Region, namely Anyinam, Nkawkaw, Mpraeso, Kwahu Tafo, Obo, Kwahu Praso and Ejisu.
Mrs Lucy Arthur revealed that the bank will not renege because of the exit of the Board Chairman, Hon. Eric Kwakye Darfuor and the secretary Mr Fred Adu – Dwomor. She was of the view that the departure of the two shareholders will not have an effect because they continue to have shares in the bank.
On his part, the outgoing Board Chairman, Mr Kwakye Darfuor who happens to be the former Eastern Regional minister and the MP for Nkawkaw constituency added that, upon assuming the office base on the recommendations of some people within the bank, he’s served as the Board chair for 22 years now.
His supervision has survived the Bank from crumbling when the bank went into financial crisis in 1989 until the Bank of Ghana’s leading supervision division ordered the dissolution of the existing board to form an interim one. He was inducted onto the board in June 2000.
The bank, per the exit of the Board Chair and its Secretary, elected two new individuals in replacement of Mr. Darfuor and Mr Fred Adu-Dwomor
The Kwahu Praso Rural Bank was established in 1982, having come into operation for 40 years now. The Kwahu Praso Rural Bank is a member of the Association of Rural Banks (Apex Bank).
CHAIRMAN’S REPORT- 25TH ANNUAL GENERAL MEETING
The Board and Management will continue to be prudent in granting good loan facilities to its valued customers, to improve their businesses and livelihood.
Nonetheless, I would still entreat and appeal to recalcitrant loan defaulters to pay up their indebtedness to enable other potential loan customers to benefit from the Bank.
Management would continue to contact you to remind you to meet your commitment.
The share price remains 0.50 pesewas per share, with a minimum purchase of 100 shares.
BRANCH INFRASTRUCTURE DEVELOPMENT
It was the intention of the Bank to innovate the acquired upstairs of the Nkawkaw branch. However, this could not be attained due to the low level of capitalization realized during the year. It is for this reason why I am reiterating the need for us to purchase more shares.
HUMAN CAPITAL
The Bank would continue to place premium and importance on human capital as the most essential resource. Hence, our attention would always be placed on staff development, motivation and team building for the desired growth.
However, the Board would not relent in its effort to ensure high standards of discipline among the staff in the discharge of their duties.
CORPORATE SOCIAL RESPONSIBILITY
In line with the policy to give a portion of our profit back to the society in which we serve, the Bank continued to support a number of social intervention activities within its area of operation during the period under review. The following are some of the activities:
Cash and assorted items donated to Nkwatia SOS Village.
2. Donation of 10,000 Liter poly-tank for Besease community school.
3. Contributions were made towards the orientation programs for newly trained teachers in various Districts in the catchment area.
4. Contributions were made towards Farmers Day Celebrations in five (5) Municipal and District Assemblies where the Bank operates.
5. Donation were made towards School Speech Days and sports programs.
DIRECTORSHIP
Distinguished Shareholders, in compliance with the provisions of the Corporate Governance Directives, Hon. Eric Kwakye Darfour (Chairman of the Board) and Mr Fred Adu-Dwomor( Member Secretary) are retiring, after several years of astounding and selfless service rendered to the bank. On behalf of the Board and Management we would like to extend our profound appreciation to them for their commitment and assiduous work.
ACHIEVEMENT
It is pleasing to reveal that during the 2021 1st quarter of the ARB Apex Bank Performance Rating, your Bank was still rated FISRT (1ST) and a Strong Bank, out of the 144 RCBs. We would encourage and commend the Board, Management and Staff to continue and sustain their good work.
OUTLOOK
Ladies and Gentlemen, in spite of the challenges the banking sector and economy is facing, our Bank would continue to strive and prevail all obstacles. We are very optimistic in the years to come, because we shall explore other opportunities for sustainable growth. The focus for our growth strategy in the ensuing year include, but not limited to the following:
To sustain our status as a strong Bank.
To grow and further expand the beneficiaries of our cocoa and agric program and explore other communities.
To develop and expand the E-Cash loan product to become a ‘cash cow’ of the Bank
To develop and deepen ICT infrastructure to drive growth.
To improve upon bank’s capitalization.
To enhance employee development and motivation.
To be committed and distinguished in customer service Delivery.
