Ghana Districts: A repository of all Local Assemblies in Ghana

ECONOMICS

Explore other opportunities in banking sector-DCE

The District Chief Executive (DCE) of Nadowli-Kaleo, Hon Katherine T.Lankono has encouraged the Board and Management of Sonzele Rural Bank to explore other opportunities to help increase income whilst reducing expenditure in order to maximize Shareholders’ dividends in the bank.

Date Created : 11/12/2018 5:13:41 AM : Story Author : Rosemary O. Yeboah/Ghanadistricts.com

He further called on them to develop more innovative and competitive products to withstand the keen competition in today’s Banking industry.

The DCE made the comments when speaking as main guest for the 28th annual general meeting of shareholders of the sonzele rural bank limited held on 10th November, 2018 at the Rev. Fr. John Mcnaulty memorial hall, Jirapa.

Sonzele rural bank was incorporated in 1980 and granted license to operate banking in 1983 with it headquarters in Jirapa of the Upper West Region.

The bank has since been established to offer financial intermediation to people within it catchment area through effective fund mobilization, found management and provision of sound credit to the people.

The DCE who is also a professional business administrator said: “over the years, we have witnessed the penetration of unscrupulous people in the Banking system. Such people come with a clear mind set of committing fraud on the Bank that employs them or with who they transact banking services’. She cautioned the management of the Bank to be extra vigilant against the infiltration of such fraudsters in the banking industry”.

Madam Katherine also disclosed that the Bank has declared a pre-tax profit of Two Hundred and Fifty Five Thousand, Six Hundred and Seventy One Ghana Cedis (GHs 255,671.00) for the year under review. This she said is a very impressive performance considering the drastic decline in interest and lending rates. Without usurping your powers in this AGM, I wish part of this profit should be used in strategic capacity building.

She hinted that, Government is providing the framework to improve the efficiency of Ghana’s financial sector to enable it to play an effective role in promoting economic growth, she said an effective and efficient financial system was a prerequisite for the transformation of Ghana’s economy to a modernized and industrialized one focused on value addition.

She appealed to the Board and Management of the bank to consider opening two more agencies in the Nadowli-Kaleo District.

‘’Sonzele’’ means together we can lift Jirapa high.