By Elizabeth PUNSU, Toase
Atwima Mponua Rural Bank PLC in the Atwima Nwabiagya Municipality, Ashanti Region, has posted impressive performance in almost all financial indicators in the 2023 year under review.
The Bank has recorded a significant growth in deposit mobilization posting a little over GH? 226.3million as at the end of September 2024 coming from GH? 156.8 million recorded in December 2023 representing a satisfactory growth of 30.73% This is as a result of critical steps taken by the Board of Directors to strengthen the bank’s balance sheet.
In spite this significant progress particularly in deposit mobilization, management and staff of the Bank have been encouraged to put in more effort since the path of business progress is now fertile and there is still more to achieve.
Shareholders have also been urged to continue purchasing additional shares in a bid to sustain the stated capital which stood at GH?1.646 million as at the end of 2023 under review.
The Chairperson of the Board of Directors, Mrs Constance Phyllis Puttick announced these and more at the Bank’s 40th Annual General Meeting of Shareholders held recently at the Church of Pentecost auditorium at Toase in Ashanti.
Operating Environment
According to her, the macroeconomic landscape in the country throughout 2022 and 2023 reflected a mix of significant challenges and gradual reforms.
Economic growth slowed with GDP increasing by 2.9 percent in 2023 down from 3.8 percent in 2022, as the country contended with high inflation, debt concerns and currency pressures.
Inflation posed a persistent challenge, peaking at 54.1 percent in 2022 before moderating to 23 2% by the end of 2023. Despite this improvement, inflation control required ongoing policy adjustments to support economic stability.
The policy rate rose from 25.51% in December 2022 to 30.19% by the end of 2023, reflecting the Bank of Ghana’s stance against inflationary pressures.
The Domestic Debt Exchange Programme (DDEP) influenced public sentiment, dampening confidence in the financial sector while increasing pressure on financial institutions.
Additionally, as global recovery from the COVID-19 pandemic continued, it gradually reshaped Ghana’s economic activities, influencing trade and investment. Despite these economic complexities, the country’s economy has shown resilience and adaptability.
In this challenging environment, the board chairperson noted that Bank has strengthened its position as the preferred bank for Micro, Small, and Medium Enterprises, providing critical support to small businesses on their recovery journey and recording a remarkable operational performance in the 2023 year under review as indicated in the table.
| Balance Sheet Item | 2023 (GH?M) | 2022 (GH?M) | % Growth |
| Total deposit | 156.808 | 122.096 | 22.13 |
| Short-term Investment | 47.369 | 30.169 | 36.31 |
| Loans (Net) | 37.886 | 28.846 | 23.86 |
| Total Assets | 157.177 | 125.663 | 20.05 |
| Ordinary Shares | 1.646 | 1.548 | 5.95 |
| Shareholders Fund | (4.417) | .253 | -94.27 |
Green banking initiatives
In line with the bank’s corporate responsibility goals, – prioritising transparency, accountability, and maintaining ethical standards – the bank will prioritize sustainability by promoting Green Banking practices. This includes reducing paper usage, adopting energy efficient technologies, and raising awareness of environmental stewardship within the bank and the communities the Bank operates.
Commitment to staff development
Ms. Puttick assured staff of the bank of a supportive and engaging work environment. Furthermore, to ensure high standards of performance are maintained, rigorous audit practices and accountability measures will be put in place.
She added that management and directors would ensure the staff get the needed training and are motivated enough to boost their work output.
Future Outlook
The Bank aims to expand access to tailored, high-quality financial services across rural and underserved areas within its catchment areas.
By supporting the growth of Micro, Small, and Medium Enterprises, particularly in the local business sectors, the Bank is committed to bolstering economic inclusion and resilience in the communities it serves.
To aid in governments digitisation agenda, and recognising the importance of a seamless and secure banking experience, the bank will enhance its digital platforms, integrate data analytics to monitor and improve service delivery.
These improvements, according to the Board Chair, will support the growing demand for digital solutions, aligning the bank’s operations with the evolving needs of its customers.
Regulatory Advice
The Managing Director of ARB Apex Bank PLC, Alex Kwasi Awuah, commended the Board, management and staff of Atwima Mponua Rural Bank for the operational advancement in all critical financial performance indicators.
This according to him is due to the bank’s emphasis on operational efficiency and cost management.
He mentioned the implementation of mobile banking and agency banking to improve the banking experience of rural bank customers with the assistance of the World Bank and the Ministry of Finance.
He advised the board to pay extration attention to the new era of digital banking which has been rollout by the ARB Apex Bank which would better give financial inclusion to their customers and give them convenience while they brace themselves up for online banking through a mobile application which will be rolled out soon
40th Anniversary
Ms. Puttick added that as the bank marks its 40th anniversary, Atwima Mponua Rural Bank PLC stands on the threshold of a new era, rooted in resilience and committed to advancing the legacy of value creation for its shareholders.
She added that the bank looks to the future with optimism, prepared to navigate the challenges ahead while seizing opportunities for growth and transformation.
The 40th anniversary was celebrated on the theme; “Building on our Legacy and Forging a path to future Growth”.
The post Atwima Mponua Rural Bank records remarkable growth in deposit mobilisation appeared first on The Business & Financial Times.
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