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Government re-affirms support for
rural banking- Baah Wiredu
Atimpoku (E/R) June 29, GNA - Mr. Kwadwo Baah- Wiredu,
Minister for Finance and Economic Planning, on Friday
re-affirmed Government's commitment to support the growth of
rural financial systems in the country.
He said although the figure of
124 rural banks operating in the country was commendable,
Government through its Financial Sector Reform had put in
place strategies to encourage the establishment of more
rural and community banks and deepen the scope of financial
services and payment systems for rural folks.
Mr Baah- Wiredu made the statement in a speech read on his
behalf at the opening of the Asuogyaman Rural Bank at the
Asuogyaman District in the Eastern Region.
He said Government had sourced 15 -million dollars funding
for the Micro-credit scheme that would be channelled to
rural and community banks, adding that rural banks would
also benefit under the GOG/IDA/IFC, micro, small and medium
enterprise 118.9- million project.
The Minister called on banks to promote convergence,
integration and development of the financial services
industry in order to exploit the full potential for
effective financial intermediation and sustained growth.
"This has been the trend in developing economies, and it has
the advantage to give more room to financial institutions
especially the rural banks to be more innovative, diversify
their products, integrate markets and manage risks more
efficiently", he added.Mr Baah- Wiredu also implored the
Bank to extend credits to the rural poor, inculcate saving
habits in them and to tailor its products and services to
respond to the needs of the community.
Mr Kofi Osei- Ameyaw, Member of Parliament for Asuogyaman
Constituency urged the community to save with the bank for
them to benefit from credits to improve their living
standards.
He said since rural banks played crucial roles in poverty
alleviation, banks must develop products and services that
would make banking attractive to rural communities, adding
that interests must also be reduced to the enable them have
access loans to grow their businesses.
Mr Osei-Ameyaw also advised the people to repay all credits
they benefited from, so that others could also have access.
Major Yaw Larsen (rtd), Board Chairman for the Bank said the
Bank had been established to assist in the socio-economic
development of the community.
He said the Bank had the vision to use innovative approach
to attain development through rural banking through
excellent customer service and satisfaction.
Mr Emmanuel Kwapong, Managing Director of ARP Apex Bank also
entreated the bank to focus on deposit mobilisation and
assist communities with more credit to enable them to grow
their agro-businesses.
GNA
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