The Bonzali Rural Bank has held its 10th annual general meeting at its headquarters in the Kumbungu district of the Northern Region on April 29, 2017. The forum witnessed the participation of the Board of Directors, management and staff as well as other shareholders of the bank. As part of activities to mark this year’s celebrations, the bank made a resolution for the amendment of the bank’s regulations, approved dividends of 0.02 per share, fixing of Directors and Auditors’ remuneration, elected three new Directors to replace its retiring Directors, among others.
Addressing the gathering, the Chairman of the function, Alhaji M. S Abdallah, presented the bank’s performance during the 2016 financial year. He noted the 2016 financial year in the country witnessed shocks in the economy resulting in a rise in inflation, cedi depreciation against major currencies, high interest rates on borrowed funds, and power rationing, amongst others.
According to the Chairman, this led to slow growth in the economy than expected and by extension the bank’s performance. He added that notwithstanding, the rural bank’s determination to strengthen its position as a lending microfinance institution in northern Ghana and beyond yielded desired results.
“As a financial institution, our commitment to our core values of friendliness, professionalism, loyalty, integrity, and service quality to our customers ensured that we remained the bank of choice in the industry during the period under review and are still on track,” he stated.
Mr Abdallah disclosed that despite the enormous challenges in the economy in 2016, Bonzali Rural Bank Limited managed to carry out its strategies extremely well to increase its financial performance. He indicated that the bank recorded a growth in earnings per share by 84.13% as a result of appreciation in all key indicators
Meanwhile, the Auditor’s report, presented by Yentumi Ababio and Associates, indicated the accompanying financial statements give a true and fair view of the state of the financial affairs of the Bank as at 31 December, 2016 and its profit and cash flows for the period then ended in accordance with International Financial Standards and with the companies Code, 1963 (Act 179).
On his part, Northern Regional Minister Salifu Saeed applauded Bonzali Rural Bank for its significant contribution to fighting poverty in the Northern Region. He said the bank’s consistent engagement with farmers and traders in the region with some financial support helps them to harness the agricultural sector in the area.
According to the minister, government intends to partner private organisations like the Bonzali Rural Bank Limited to give out soft loans to small-scale farmers and traders. He added this will help to boost the government’s “Planting for Food and Jobs” programme, especially in the Northern Region. He noted that through the bank, farmer groups will be supported in order to encourage them to practise the irrigation system of farming especially during the dry season.
Mr Saeed stated that as part of the Akufo-Addo government’s commitments to enhance the agricultural sector, the One Village, One Dam policy will support rural communities to farming year round. He, however, encouraged Bonzali Rural Bank Limited to continue with its corporate social responsibility as government alone can’t fight to eradicate poverty from the system. He said with the support of corporate society, Ghana can be a better place for all. He also advised the people to be conscious of peace and security in the Northern Region, adding that without peace development will mean nothing.
Meanwhile, as part of the bank’s corporate social responsibility (CSR), the Bonzali Rural Bank Limited made donations to individuals and institutions in the areas of health, education and sports. The bank also provided support for annual Farmers’ Day celebrations, cultural and social activities such as Damba festivities. Over the period under preview, (2015 and 2016 financial year), donations totalling GH?137,000.00 were made as part of the bank’s CSR programme. An amount of GH?24,640.00 was paid to qualified staff who served the bank for ten years and above. The Bank is expected to maintain its dominance in the microfinance operations in 2017 and beyond. In this regard, between now and 2021, the bank is envisaged to extend its operations to Saboba, Bimbilla, Aboabo market, and Kukuo in Tamale.
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