Sekyere Rural Bank holds 33rd AGM

Dr. Francis Denteh, Chairman of the Board of Directors, addressing shareholders at the meeting

…records growth in all indicators

The Sekyere Rural Bank Limited, with its head office at Jamasi in the Sekyere South District of Ashanti Region, has posted yet another satisfactory growth in all financial indicators in the 2021 year under review.

The bank recorded profit before tax of approximately GH¢1.53million in the year under review as against a little over GH¢894,275 in the previous year, representing an impressive 71 percent growth whereas total assets stood at approximately GH¢145million as against a little over GH¢134.4million in 2020 at 8 percent growth.

The bank’s stated capital grew from approximately GH¢2.2million in 2020 to a little over GH¢2.24million in 2021, representing a marginal growth of 2 percent, which far exceeds the minimum threshold of GH¢1million by 145.90 percent required by all rural banks in Ghana.

Operational environment

The Chairman of the Board of Directors, Dr. Francis Denteh, said these and more at the bank’s 33rd Annual General Meeting of shareholders held last Friday at Agona Jamasi in Ashanti.

The Board Chairman mentioned that Ghana’s economy expanded by 5.4 percent in 2021, far higher than the 0.4 percent recorded in the year 2020, a period that the COVID-19 pandemic hit the economy. Government of Ghana Treasury Bill for 91 days decreased from 14.1 percent in 2020 to 12.14 percent in 2021.

The inflation rate at the end of December 2021 was 12.6 percent as against 10 percent during the same period in 2020, with Bank of Ghana’s policy rate increasing from 14.08 percent in 2020 to 14.5 percent in 2021.

Operational performance

In spite of the unfavourable macroeconomic environment in which the bank operated during the reviewed year, the bank managed to pull yet another satisfactory operational performance in all the financial indicators as shown in the table.




Amount (GH¢)


Amount (GH¢)

% Change
Deposits 126,840,132 115,512,768 10
Investments 68,765,948 66,620,933 3
Advances 45,675,697 31,120,758 47
Total Assets 145,013,316 134,453,000 8
Share Capital 2,240,178 2,206,958 2
Shareholders’ Funds 6,927,563 5,985,799 16
Profit before Tax 1,527,458 894,275 71



The board did not recommend dividend payment for the 2021 financial year based on the Bank of Ghana’s Directive (Notice No. BG/GOV/SEC/2020/03) dated 12th April, 2020 directing all Banks and Specialised Deposit Institutions to desist from declaring and paying dividend. Besides, the Board of Directors could not obtain approval from the Bank of Ghana to declare and pay dividend for 2021 financial year.

Corporate social responsibilities

The bank continues to offer assistance to communities and institutions within its catchment areas in terms of community development projects. In the year under review the bank spent an amount of GH¢38,250 on corporate social responsibility activities toward the stakeholders with special focus on education, health, security, among others.

Regulatory commendation

In address, the Managing Director of ARB Apex Bank PLC commended Sekyere Rural Bank for the sterling operational performance in the 2021 year under review.

The bank’s figures showed that it is on the right trajectory, and he is particularly happy with the impressive growth in Net Loans and Advances to customers, which is the actual measure of their outreach to customers, the main reason of their existence as a bank.

Mr. Awuah encouraged the Board and Management to maintain the momentum to sustain the continuous growth in the loan book of the bank.

He further urged the Board and Management to expand the micro-loan’s portfolio in particular by targetting especially medium, small, and micro businesses and individuals around the Jamasi enclave.

He acknowledged that the economy is going through challenging times, a situation which is putting a lot of burden on individuals and businesses.

He emphasised that the focus on Rural and Community Banks (RCBs) should be directed at supporting some of these businesses and individuals who might be going through hard times in this current economic difficult situation as they would surely maintain their loyalty with the banks which would stand with them in these trying times.

The Managing Director of ARB Apex Bank was particularly happy with the support to worthy causes in the communities in which the bank operates, which he said was worthy of commendation, and urged the Board and Management to keep it up.

Future outlook

The CEO of the Bank, Michael Aidoo, in an interview with Business & Financial Times, said Management would continue to seek ways of strengthening and developing the banks’ operations to maintain the confidence that customers and shareholders have in the bank.

Mr. Aidoo added that the bank would be compliant with regulations, uphold good corporate governance practices as well as effective risk management systems and excellence in customer service, which would be the primary focus of the Board and Management.

He added that he and his team would continue to employ technologically efficient and effective systems, including digitisation, to enable the bank to continuously offer unequalled services to their cherished customers and shareholders.

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