The Nyakrom Rural Bank with its headquarters at Agona Nyakrom has raised the minimum capital requirement of 150,000 Ghana Cedis set by Bank of Ghana (BOG) to stay in business.
Mr Timothy Osam Duodu, Board Chairman, made this known at the 34th Annual General Meeting (AGM) of shareholders at Odoben in the Asikuma-Odoben-Brakwa District of the Central Region.
He said this achievement has been achieved largely due to the decision of directors of the board and staffs to purchase additional shares to increase the stated capital.
“Currently, the value of our ordinary shares purchased is 151, 533.34 Ghana Cedis which means that your bank is in position to pay dividends at our next AGM”, Mr Osam Duodu said.
According to him, the board plans to hold the next AGM in the first half of 2012 to enable shareholders reap the fruits of their investments by way of dividend payments.
Mr Osam Duodo declared profit of 1,285,557 Ghana Cedis in 2010 as against 990,193, Ghana Cedis in 2009 with increased in asserts from 3,837,228 in 2009 to 5,079,237 in 2010.
He said the bank embarked on a pilot scheme in six communities of Asikuma-Odoben-Brakwa and Agona East districts to support cocoa farmers with financial assistance to improve their yields.
The Board Chairman said plans are far advanced to extend similar support to Cocoa farmers in Nyakrom and other communities in 2012.
Mr Osam Duodu said the bank is being encouraged by ARB Apex Bank to take decision on merger with sister rural banks to enable the bank to operate effectively. GNA