The Afram Community Bank (AC Bank) in the Kwahu Afram Plains District has recorded a profit before tax of 440% in the 2017 financial year. The bank recorded GHS 127,967.00 in 2016 but recorded GHS 619,014.00 in 2017. This was contained in the address of the Board Chairman, Jeffery Kunadu-Addo, to shareholders during the Bank’s 35th Annual General Meeting (AGM) held last Saturday at the Tease Presbyterian Chapel in the Kwahu Afram Plains South.
Our Special Guest, Togbe Afede XIV, Agbogbomefia of the Asogli State, Mrs. Comfort Owusu, Executive Director, Association of Rural Banks, Mr. Simon Nero Davor, Chairman, Association of Rural Banks – Volta Chapter,
As part of the processes to reposition the ARB Apex Bank to become more responsive to the changing needs in the banking environment and be able to serve the Rural and Community Banks (RCBs) better, ARB Apex Bank has appointed three senior executives. All the appointments are effective September 3, 2018.
In the face of challenges emerging out of the recent increase in Corporate Income Tax for rural and community banks (RCBs), the ARB Apex Bank has asked government to consider reducing the tax while ensuring RCBs use those monies for community development.
The Chief Exective Officer (CEO) of JCS Investments Limited, Patricia Safo, is urging the government to collaborate with relevant entities to develop a blue print to strengthen rural and community banks.
Rural and community banks have a key role in making a positive contribution towards the reduction of poverty. They also act as one of the key channels to distribute funds to businesses in their localities and encourage the spread of sound entrepreneurial activity.
Directors, shareholders and managers of rural and community banks (RCBs) in the country have been advised to adhere to prudential regulations of the Bank of Ghana (BoG) and the ARB Apex Bank to pre-empt regulatory sanctions.
"Time with the Managing Director" - The event, organised by the Bank’s local Union of Industry, Commerce and Finance Workers (UNICOF) of Ghana Trade Union Congress, was held under the theme: "ARB Apex Now and the ARB Apex in the Future". It was held as an interactive programme for the staff of the Bank to interact with the MD, who has been in office for barely eight months now, to share in his vision and deliberate on ways to return the Bank to profitability by the end of his term of office.