Government is to partner with Northern Region’s leading rural bank, Bonzali Rural Bank Limited to give stimulus packages to smallholder farmer groups and traders.
According to the Northern Regional Minister, Bonzali Rural Bank Limited will oversee the disbursement in line with government’s agriculture sector transformation agenda.
This in Salifu Saeed’s estimation, could boost government’s ‘Planting for Food and Jobs’ programme as a means of promoting agribusiness in rural communities.
He reaffirmed government’s commitment to support peasant farmers in the region to practice all-year round farming.
Salifu Saeed made this known at the Bonzali Rural Bank’s 10th Annual General Meeting at its headquarters in Kumbungu.
He acknowledged the bank’s immense contribution towards poverty eradication, hence government’s Public-Private-Partnership strategy.
He commended the bank’s management for networking with successive governments and development partners to improve the socio-economic well-being of the rural poor.
“Through the bank, farmer groups will be supported in order to encourage them practice the irrigation system of farming especially during the dry season. As part of the Akufo Addo government’s commitment to enhance the agricultural sector, the one village, one dam policy will support rural communities to do farming all-year round.”
He urged management of the Bonzali Rural Bank Limited to extend its Corporate Social Responsibility saying, “With the support of your Corporate Social Responsibility, Ghana can be a better place for all.”
Salifu stressed the need for peaceful co-existence to attract investors and development partners. Chairman of the function, Alhaji M.S Abdallah, presented the bank’s fiscal statement for the 2016 financial year review.
He revealed that, the rise in inflation, cedi depreciation, high interest rates and erratic power supply affected the bank’s dividends over the years.
“The bank witnessed difficulties in the economy resulting in a rise in inflation, cedi depreciation against major currencies, high interest rate on borrowed funds and power rationing among others.”
Alhaji M.S Abdallah stated, “That notwithstanding, our determination to strengthen our position as a leading microfinance institution in Northern Ghana and beyond yielded desired results.”
“As a financial institution, our commitment to our core values of friendliness, professionalism, loyalty, integrity, and service quality to our customers ensured that, we remained the bank of choice in the industry during the period under review and still on track.”
He said the bank improved its earnings per share by 84.13% as a result of appreciation in all key indicators. He disclosed management’s intention to open four more branches at Saboba, Bimbila, Aboabo and Kukuo markets in Tamale.
Yentumi Ababioh and Associates presented the Auditor’s Report which positively reflected on the financial upright for the year 2016 review.
The report stated that, “The accompanying financial statements give a true and fair view of the state of the financial affairs of the Bank as at 31 December, 2016, and of its profit and cash flows for the period then ended in accordance with International Financial Standards and with the companies Code, 1963 (Act 179).”
Management adopted a resolution for the amendment of the bank’s regulations, approved dividends of 0.02 per share, fixing of Directors and Auditor’s remuneration and election of three new Directors to replace its retiring Directors among others.
Corporate Social Responsibility
As part of the bank’s Corporate Social responsibility (CSR), the Bonzali Rural Bank Limited made donations to individuals and institutions in the areas of health, education and sports.
The bank also provided support for annual farmer’s day celebrations, cultural and festive occasions such as Damba.
Over the period under review, (2015 and 2016 financial year), total donations of GH₵137, 000.00 were expended as part of the bank’s CSR programme.
An amount of GH₵24, 640.00 was paid to deserving staff who served the bank for 10 years and above.
The Bank is expected to maintain its dominance in the microfinance operations sector for the 2017 fiscal year.
The Bonzali Rural Bank Limited since its establishment has been the leading rural bank in the Northern Region.
The bank provides a comprehensive range of financial services to the rural poor communities as well as personal customers and small-scale enterprises.
By: Abdul Karim Naatogmah/citifmonline.com/Ghana
Published on 1 May 2017 | 6:00 am at Source