Business

 

Source: tntnewspapergh.com

The Sefwiman Rural Bank made giant strides in its various financial indicators during the 2023 financial year despite the challenges that confronted the Nation’s financial sector.
The Bank recorded a 121 per cent increase in its Profit Before Tax of GHC3,189,631 for 2023 compared to a Profit Before Tax of GHC1,442,633 for the previous year.
Net Profit After Tax on the other hand saw a sharp increase of 104 per cent from GHC1,075,122 in 2022 to GHC2,194,774 in 2023.
The Bank’s gross earnings also increased by 49 per cent from GHC10,610,556 in 2022 to GHC 15,843,241 at the end of 2023, however, interest expense also increased by 50 per cent from GHC2,064,259 in 2022 to GHC3,471,455 in 2023. This resulted in an increase in a net interest income from GHC6,790,613 in 2022 to GHC10,059,199 in 2023 indicating an increase of about 48 per cent.

THe Board chairperson of the Bank, Miss Olivia Nyarkoa Kyeh

The new Chairperson of the Bank, Miss Olivia Nyarkoa Kyeh, who announced this during the Bank’s 18th Annual General Meeting held at Bibiani in the Western North Region, attributed the huge gains made to their commitment to prudent risk management, good corporate governance practices and sticking to the strategic direction of the Bank.
Business Growth

She added that, Total Assets of the Bank recorded a 38 per cent growth during the 2023 financial year with GHC 83.79 million as compared to Total Assets of GHC 60.57 million in 2022 while Loans and Advances increased by 12 per cent from GHC 16.26 million in 2022 to GHC 18.19 million in 2023.

Again she indicated that Investments of the Bank increased by 41 per cent from GHC 36.30 million in 2022 to about GHC 51.31 million at the end of 2023.
The Chairperson praised the Board, Management and the Staff for their dedication and hard work leading to the attainment of such a great feat making the Bank the toast of other banks.
Miss Nyarkoa Kyeh, was very delighted that Customers’ Deposits grew by 50 per cent from about GHC47.40 million in 2022 to almost GHC71.10 million in 2023, which to her was an indication of the confidence the customers had in the Bank.
Boosting Agriculture
The Chief Executive Officer (CEO) of the Bank, Mr. Richard Kwame Adjei, hinted that the Bank has partnered with some institutions like the Rural Enterprises Programme (REP), RDF Ghana and AfDB/SIF to roll out agricultural products to help improve the livelihoods of farmers who basically are into farm produce, poultry and livestock.
He indicated that a total of GHS3 million had been disbursed to over 250 farmers which has helped them increase their production and employed additional hands.

Mr. Alex Kwasi Awuah, Managing Director of ARB Apex Bank, in an address read for him by Mr. Kofi Owusu (Regional Manager, ARB Apex Bank, Ashanti), applauded the Board and Management for the impressive performance in the year 2023, adding that many banks were unable to declare dividends and as such commended the Board and Management for their hard work.

He further tasked the Board and Management to put in place risk mitigation measures to counteract all the new and emerging risks in the industry and also encouraged the Board to follow strictly the Corporate Governance Directive to avoid sanctions.

The Omanhene of Sefwi Anhwiaso Traditional Area, Ogyeahoho Yaw Gyebi II, in an address read on his behalf, advised shareholders to invest in the Bank since it is an indigenous bank and serves the interest of the people of Sefwi.
He also commended the Board, Management, and Staff for their hard work and urged the Board to increase staff salaries as suggested by other speakers.
Dividend Payment
The Board of Directors acknowledging the sacrifices the shareholders have made over the years obtained the Bank of Ghana’s approval to pay dividend per share of GHC0.05, amounting to GHS 398,669.80. END

 

By: tntnewspapergh.com

The governing New Patriotic Party (NPP), has been advised to use its constituency delegates and card paying members into a business,and financial model of a Cooperative system.
This, according to an Energy Law Consultant and Researcher in Renewable Energy Transition in Ghana,Mr.JK Owusu Boakye,who doubles as top broadcast Journalist,could enable them leverage on financial system support and create a digital financial and gender inclusion to promote the socio-economic welfare of its teeming supporters in the country.

JK Owusu Boakye

According to JK Owusu Boakye, the over 6 million voters in NPP at various constituencies can change their welfare status into a sustainable financial model which can be an insurance and enterprising initiative for jobs creation and economic development.
He said most often, “our politics,has been described as ‘ moneycracy’ and our fiscal space, as a country,has seen expenditure overruns and affected proper economic management as s country.

The time,he said has come for the country to adopt an equity financing model to bring in inclusive participation of the political actors ( electorates ), who can build sustainable financial independence based on creating cooperative systems for them to leverage on benefits like ,life insurance, consumer credit ,hire purchase and business development and capacity building to help SMEs ,as well as ,use consortia bonds like municipal bonds to finance their own projects and benefit from the gains.

Mr Owusu explained that,”this, socio-economic and political business model,is a home grown alternative to external investor funding of projects which take sizeable part of of repatriation of funds out of Ghana. The model will work with local economic groupings ( in Cooperative) and private sector to enter into equity financing of all projects through Municipal Bonds ( Muni Bonds) with District Assemblies,SOEs and local Financial Institutions and GoG.

This,new system of financing local projects and long-term project in the extractive and mining ,oil industry in Ghana will enable Government policies like Digitalization,DRIP, 1 D1 F ,FSHS/ FCTVET,PFFJ,etc ,etc get the needed Ghanaian ownerships and dividends which translate into overall inclusive financial independence and local economic development and growth in the digital revolution for kob creation and wealth.

He said for example, funding of school projects, energy and other medium to long term projects, will be fully and wholly funded by local investors,like the Despites,Kessben’s,Angels,Kofi Bs ,Joshop,Atarchys,,etc,so that sub-contracting can go to MSMEs to enable them grow into economies of scale.

Ghana can adopt this trend through using their political supporters and kill the corruption associated with huge expenditures which crowd out investments and, also over reliance on foreign corporations and funding for our strategic natural resources?
He said the country,now needs to take control and add value by creating local supply chains and jobs in the 4th industrial revolution.

Mr.Boakye said “Politics is a “bread and butter” issue and it must enured to the benefits of the population!
And the NPP,he argued is in a better position to change the narratives and synchronise it’s manifesto into long term development planning policy for governance.

For example,the Chinese philosopher, said,” if you want to grow rice ,plan for a year,If you want to grow trees plan for ten years , and if you want to invest in education ,plan for life!!!!

So,Free Senior High School ( FSHS) implemented by Nana Akufo-Addo government, is a plan for life for Ghanaians!

He said Ghana is not poor,”we sit on plenty and prosperity,except that politicians lack the political will to take effective ,efficient and pragmatic decisions.It is lack of implementation and adopting a proactive approaches in our natural resources and energy sovereignty that’s is the bane of our retrogression”,he lamented.

Stressing that it is always possible to do the best for Ghana with bold leadership solutions.

S

By:J K Owusu Boakye

An Energy Law Consultant and Broadcast Journalist,who is also an economist,has stated that the NPP government can promote economic revival and boost enterprising initiatives which creates jobs and wealth fir the people by supporting women groups and SMEs with targeted grants support to ensure that,they are financial independent in their business activities in an era of global economic recovery process.

JK Owusu-Boakye was speaking to some women associations and SMEs in a fact finding research in Ashanti Region and Greater Accra.

J K Owusu-Boakye

The Indigenous Caterers Association and School Feeding Caterers Association,together with some General Traders in Import and Export businesses where contacted and selected from Mampong,Offinso,Adansi Asokwa,Agogo,Tepa,Asante Akyim central and Dome Kwabenya, Kaneshie,Agbobloshie and Odododiodio ,La and Adenta – Madina constituencies in Ashanti and Greater Accra Regions,respectively.

As part of assessing the energy use and knowledge of energy transition to renewable sources,the study sought to ascertain the use of these SMEs ,mainly women of the level of participation and adoption of clean energy in cooking, manufacturing,household and enterprise use of renewable energy in Ghana.

Their challenges for example of the caterers ( food production and restaurant business,as well as cooking for students under GSFP) ,were mainly on access to capital , market changes as a result of COVID -19 affecting supply chain of goods and services,demand changes,exchange rates volatility( cedi/ dollar rates), operational and compliance risks,and financial and liquidity risks as some of the problems affecting them to grow their businesses in a very hard economic situation globally

They were of the view that government can cut the bureaucracies and make financial support available to them to enable them revive their collapse businesses and precarious financial situation and promote economic recovery and growth.

Most of them are using charcoal in their businesses and indicated that government support in clean cook stoves use will be adopted and solar powered electricity use could be a game changer for transition to green energy and sustain business activities and sustain growth in Ghana

It must be mentioned that SMEs in Ghana ,mainly women employs about 87% of the workforce and contributes significantly to GDP and any attempt to support them financially will provide economic stability and financial inclusion for the sector.

The groups complaint about slow paced support for SMEs in Ghana by GEA and Development partners and pleaded for expeditious grants support.

The writer is an Energy Law Consultant and Researcher in Renewable Energy Transition in Ghana.