Ahantaman Rural Bank records healthy performance despite economic turbulence

The Ahantaman Rural Bank has recorded a healthy performance with a significant growth rate in the year under review.
The Bank in 2022 raised the bar in deposits, investment, paid-up capital and total assets.

Mr Eric Daning, Chairman of the Board of Directors of the Ahantaman Rural Bank speaking at the 35th Annual General Meeting said the Bank grew its total income to GH¢45, 956, 887 in 2022 against GH¢40, 824,982 representing12.57 percent change.

The deposits in 2022, was GH¢178,237,582, representing a 24.38 percent growth from GH¢143,303,446 in the previous year.

Meanwhile, paid-up capital increased from GH¢5,745,516 to GHGH¢7,096,624 in 2022 while, total asset rose to GH¢207,458,353 in 2022, and investment growing to GH¢88,786,719 cedis in the same period under review.

Lawyer Daning told shareholders that the Bank made sterling strides despite the headcut, Domestic Debt Exchange Programme (DDEP) and other economic indicators that made the business more challenging.

He said, “Headcut or no headcut, your Bank chalked an incredible success and was able to offer you a more excellent service.

The bank, however, could not pay dividends to shareholders in line with a Bank of Ghana directive on Policy and Regulatory Reliefs for Specialised Deposit Taking Institutions, to address potential impacts from participating in the Government of Ghana’s DDEP.

The Board Chair reported an advancement in the information and communication technology in the bank’s operations to enable it to render more efficient services to clients.

He said, the bank now operated an electronic passbook system, a 24/7 online access to banking details and services of and to client anytime.

The Bank, he noted, spent a significant amount on giving reliefs and showing benevolence to its catchment areas.
The Bank, in the year under review, spent GH¢347, 504 on traditional authorities, Appiatse disaster, educational scholarship, medical support, farmers day among other such social interventions drive.

On infrastructure acquisition, the bank was able to put up a one-storey edifice near the Apremdo Market to ensure convenience, accessibility and improve upon the general operating environment of the bank in that area.

The Board Chair also hinted of the upcoming coming 40th anniversary of the bank in 2024 and plans to honour deserving individuals who had contributed significantly to the progress and sustenance of the Bank.

Mr Daning also appreciated the selflessness of the staff and former leadership of the bank for their commitment and invaluable support in steering the affairs of the Bank.

The corporate governance report also showed an impressive adherence to all financial reporting standards, internal control mechanism, anti-money laundering and other provisions as contained in Act 930 and 992.

Dr Toni Aubynn, Board Chairman of the Apex Bank praised the Bank for good management services that had yielded results even amid the current tough economic climate.

He said the Apex Bank was working with the Bank of Ghana on dividends to ensure that shareholders expectations were met.

Dr Aubynn later urged creditors of the Bank to redeem their debts to enable the bank to become increasingly liquidated, adding, “Ahantaman is Shining, and we need to keep the light shining”.