Bawjiase Area Rural Bank holds 33rd AGM

Bawjiase Area Rural Bank PLC held its 33rd Annual General Meeting (AGM) on July 10, 2024, at the Wesley Methodist Church auditorium in Awutu Bawjiase.

The meeting brought together shareholders, traditional rulers, and representatives from neighboring rural banks to review the bank’s performance and strategize for the future.

Pascal Atta Fynn, the Board Secretary from Alliance Law Firm, presented the agenda, which included the Chairman’s report, financial statements and reports from the directors and external auditors for the year ending December 31, 2023.

Others were the approval of dividend payments, authorisation of the directors to determine the auditors’ remuneration, determination of directors’ remuneration, and the election of directors.

Kwaku Bonsu, Chairman of the Board, delivered a comprehensive report highlighting the bank’s strong performance in key financial areas.

He noted significant improvements in total operating income, net profit, customer deposits, short-term investments, total assets, and stated capital.

Mr. Bonsu emphasised the bank’s commitment to rewarding shareholders with increased dividends and maintaining robust corporate social responsibility initiatives.

In his address, the Board Chair also outlined strategic plans to ensure the bank’s resilience against economic shocks by maintaining a sound financial statement.

“The performance in the last year will make our bank more resistant and capable of absorbing any unforeseen shocks,’’ he stated.

He also highlighted the bank’s intention to boost lending in the agricultural sector to further support community development.

Fred Asafo of Andoh & Co presented the auditors’ report, assuring shareholders that the bank’s financial statements complied with all legal requirements.

Alex Kwasi Awuah, Managing Director of ARB Apex Bank, reaffirmed the regulatory body’s role in supervising rural banks.

He assured shareholders of continuous monitoring and evaluation to ensure Bawjiase Area Rural Bank PLC maintains its high standards of operation.

Shareholder resolutions

All motions presented, including the approval of financial statements, dividend payments, and the remuneration of auditors and directors, were unanimously approved by the shareholders.

The election of new directors was deferred to September 28, 2024.

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