Atwima Rural Bank holds 29th AGM

Eric Appiah, Chairman-Board of Directors, addressing shareholders at the meeting
  • rolls out digital technology for operational efficiency

Atwima Rural Bank PLC at Foase in the Atwima Kwamwoma district of Ashanti Region has held its 29th Annual General Meeting of shareholders and recorded impressive growth in all indicators.

The bank has recorded profit before tax at a little over GH¢818,000 in the year under the review against approximately GH¢149,000 in the previous year, representing an impressive growth of 450.11%.

In its quest to bring efficiency in its operations and also offer convenient banking services to customers, Atwima Rural Bank has introduced a mobile application to make customers’ interactions with the bank more flexible – particularly with making deposits and withdrawals.

The bank navigated through a high level of inflation and DDEP challenges and moved the bank to a remarkable profit position in 2022, through the board and management’s strategic leadership.

They will continue leading the bank in ways which ensure sustained liquidity and profitability to give good returns for shareholders going into the future.

Chairman-Board of Directors, Eric Appiah, announced these and more at the bank’s 29th Annual General Meeting of Shareholders held last Friday at the Methodist Church in Atwima Foase, near Kumasi.

Operational Environment

According to him, the world economy in 2022 was influenced by various factors; and these forces are expected to continue in 2023 with some changes. Commodity prices, which initially spiked due to Russia’s invasion of Ukraine, have stabilised.

The magnitude of these interruptions is determined not only by the decline in exports resulting from the conflict, but also by global supply and demand elasticity.

Ghana’s 2022 economic growth was revised downward to 3.1%, thus slowing down the promising post-pandemic rebound. Given the serious macro-economic turmoil afflicting the country in second-half 2022, the growth rate was not satisfactory but noteworthy.

Growth was driven by the services sector, which remained the largest contributor to GDP with 44.9%, followed by industry and agriculture at 34.2% and 20.9% respectively. The nominal GDP for 2022 was estimated at US$72.8billion, up from US$70.6billion in 2021.

Although Ghana benefitted from high prices of gold and oil in 2022, inflation increased steadily from 13.9% in January 2022 to a staggering 54.1% by December 2022 – the highest recorded inflation rate in 22 years.

Inflation was the main concern of Ghanaian consumers throughout 2022, who saw their purchasing power reduced every month. At the same time, the 2022 national daily minimum wage of GH¢13.53 (US$1.73) was lifted to only GH¢14.88 (10%), which was ill-received by the people of Ghana.

In spite of a challenging macroeconomic environment coupled with unprecedented happenings that pertained during the reviewed year, the bank managed to record some positive variants in all financial indicators for 2022 as indicated in the table below.

Eric Appiah (right), introducing Clifford Awuah to shareholders as the bank’s new CEO

Performance Indicators for 2022 against 2021







Deposits 44,010,307 53,005,772 20.44
Investments 11,130,476 17,450,157 56.78
Loans and Advances 15,695,529 18,214,169 16.05
Share Capital 1,199,524 1,723,669 43.69
Total Assets 38,399,585 49,279,785 28.33
Profit for the Year 148,797 818,545 450.11

According to the Board Chairman, the bank is currently on a trajectory of significant growth and the Board and Management will through strategic leadership and robust internal controls sustain profitability growth as well as liquidity going forward.

He therefore acknowledged that the Board and Management did a great job by moving the bank from a profit position of GH¢148,797 in 2021 to GH¢818,545 in 2022. The significant growth in investment was before government’s DDEP.

The Board and Management are extra-cautious in their investment decisions post-DDEP. The significant growth in share capital means that owners of the bank now believe in its future prospects, and therefore the Board and Management have called on all existing and prospective shareholders to buy more shares to enjoy good returns in the future.


The Board could not recommend payment of dividend based on the bank’s current position (negative net worth) and the Bank of Ghana’s directive on Suspension of Distribution of Dividends (NOTICE NO. BG/GOV/SEC/2021/06).

Future Outlook

Sustained Profit Position

The bank’s Management Performance Review as at September 30, 2023 revealed a profit before tax and impairment of GH¢1,680,783.21 This is a significant performance. The Board and Management will ensure sustained operational efficiency to end the year well so as to give value to shareholders.

Capital Injection

The Board Chairman has emphasised that the bank is now profitable and on the path of growth and on the strength of this, he has called on both existing and prospective shareholders to buy more shares to improve on the Bank’s net worth and capital adequacy.

Construction of new ultra-modern head office building

The Board Chairman told shareholders that the architectural drawings for the construction work on the Bank’s Head Office building at Foase are ready. The building when completed would be a modern edifice to enhance the image of the Bank and to also give convenient banking services to the people of Foase and the nearby communities.

Appointment of a new CEO

The Board has appointed Clifford Awuah as the new CEO with effect from October 1, 2023 following the exit of the former CEO Isaac Oppong Asumadu-Sakyi. Until his appointment as the CEO, Clifford Awuah was the Operations Manager of the Bank.

The President of the Ashanti Chapter of the Association of Rural Bank, Dr. Prince Stephen Adom-Attakora commended the Board for the current profitable position of the Bank.  He urged the shareholders to continue to support the board and be patient while investing more even though their expected returns are not being honoured. He assured them of future prospects in their investments when government lifts all restrictions on dividend payment.


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