The ARB Apex Bank, the apex body for Rural and Community Banks (RCBs), is to raise GH₵100m to support the activities of RCBs nationwide, the bank’s Managing Director, Kojo Mattah, has confirmed.
The bank, has therefore, officially informed the Securities and Exchange Commission (SEC) about the planned local road show and selected a lead manager for same.
“On our part from Apex Bank, we are also looking for funds from other development partners so that the RCBs will have enough funds to lend to their customers and support their operations, especially in agriculture and commence, where is it possible for us to support government flagship programmes like the ‘One District One Factory’ and Planting for food and jobs, the rural banks should be in a position to do such things.
We are talking to development partners, we are in conversation with more than five development partners and we are even planning to raise funds locally and we will soon do a roadshow to raise bond locally. We are targeting to raise GH₵100m to support the activities of the RCBs,” he told B&FT in an interview.
Speaking at the bank’s labour union staff Lecture dubbed: ‘Time with the Manager’, which sought to reflect on the bank’s current performance and future plans, Mr. Mattah outlined his targets and goals as well as urging the staff to join forces with him in order to make the bank profitable again.
According to him, it is his expectations that most of these plans to recapitalize the RCBs and the intension to support government’s policies is likely to materialize at the end of the first quarter, barring any delays.
Mr. Mattah, who assumed the mantle some eight months ago, stated that the essence of the staff gathering was to interact with the staff and share his vision to them on what he intends to do in the next two to three years and also deepen the bonding and strive to become a better team.
The Bank of Ghana, has urged the RCBs to transfer funds from income surplus to stated capital, if they have enough. The BoG has also asked RCBs to increase their minimum stated capital to one million cedis.
Roderick O. Ayeh, the local union chairman at Apex Bank, explained the rationale for the staff gathering, suggesting that unions play a critical role in the productivity of the bank. “Largely we want to understand the dream of the leader so we can buy into it and run with it”.
He also added that it is planned to be a yearly programme in order to interact with the manager and share in his vision and goals.
The Secretary General of the Trade Union Congress (TUC), Dr. Yaw Baah, who was a guest at the event, appealed to the staff of Apex Bank to stay together and support the vision of management.
“The foundation you build today will determine what you said you want to become in future, follow through you long term plan and the kind of commitment that will be generated by the leadership you can achieve far,” he said.
The event was also used to launch a 10 point staff pledge, which is intended to reorient and improve work ethics to better serve their customers.