MANYA KROBO RURAL BANK GIVES MORE LOANS (PAGE 35, OCT 26)

IN line with its objective to develop its catchment areas, the Manya Krobo Rural Bank with its headquarters at Odumase-Krobo, last year gave out GH¢3,918,712 as loans, compared with GH¢3,371,657 made available for that purpose in 2007, showing an increase of 16.22 per cent.
An amount of GH¢820,450 out of the figure went to traders and other self-employed persons.
The Chairman of the Board of Directors of the bank, Mr B.T. Apo, made this known at the annual general meeting of the bank at Odumase over the weekend.
He, however, stated that refusal of many beneficiaries to repay loans, had seriously affected the bank and had therefore, urged the defaulters to pay back, otherwise legal action would be taken against them.
“We gave out the loans to you, but some of you have refused to pay back and we have no option than sending you to court to get the monies back, so that others would also benefit from the facility”, Mr Apo stressed.
Mr Apo said despite the low loan recovery, the bank increased savings through its “susu” programme, adding that the amount mobilised last year totalled GH¢551,083.74.
He said the bank had also made gains in some areas, including total income, which rose from GH¢1,079,110 in 2007 to GH¢1,168,947 in 2008, deposits from GH¢4,306,671 to GH¢4,761,429, total assets from GH¢6,433,216 to GH¢6,916,714, all within the same period.
With regard to the bank’s social responsibility to the communities in its catchment area, Mr Apo stated that it gave out GH¢4,175 in support of social and community projects such as schools, social groupings and religious organisations, while GH¢6,850 was spent on needy students.
Mr Apo said to expand and improve its activities, two branches were opened last year at Madina and Ashiyie, both suburbs of Accra, while all the branches of the bank had been computerised and linked to the head office.
The District Chief Executive for Lower Manya Krobo, Mr Isaac Agbo-Tetteh appealed to the loan defaulters to pay back.
Mrs Elsie Sowah, the brain behind the establishment of the bank, who was also the immediate past Chairman of the board, called on management to make available more loans to the people who had paid back.