Ahafo Ano Premier Rural Bank holds 28th AGM

Ernest Dankwah, CEO, (left) perusing financial report figures with Chairman of the Board of Directors Alfred Richmond Kwadwo Frimpong during the meeting

… records 508% growth in profit

The Ahafo Ano Premier Rural Bank PLC at Mankranso-Wioso in the Ashanti Region has recorded impressive operational performance in all financial indicators for the 2022 year under review.

Operational performance

The bank has recorded a profit after tax of almost GH₵527,000 from a loss position in 2021, which was GH₵-128,982, representing a significant growth of about 508 percent.

Additionally, the bank’s paid-up capital continues to grow as it saw an increase from a little over GH₵1.5million in 2021 to more than GH₵1.7million in 2022, representing about 14.86 percent increase.

An increase of about 40.24 percent was recorded in the bank’s deposits from over GH₵54million in 2021 to more than GH₵77million in 2022. This increase was mainly due to improved service delivery and more marketing in catchment areas of the bank, which resulted in soaring confidence in the bank.

Investment in Treasury Bills/Bonds and other short-term instruments stood at over GH₵32.4million in 2021 as against over GH₵40.4million in 2022, registering an increase of about 24.48 percent.

With all of the strategies put in place by the board and management, the net worth of the bank which represents the total shareholders’ funds of the bank for the year under review saw an increase in reserves from the year 2021 figure of about GH₵1.6million to a little over GH₵3.2million in 2022, representing an increase of about 102.51 percent. 

Loans and advances

Overall, credit position was a little over GH₵17million in 2022 as against a little over GH₵13million in 2021, representing an increase of about 29.15 percent as the bank continued to support its customers and the economy responsibly.

The Chairman for the Board of Directors, Alfred Richmond Kwadwo Frimpong, announced these and more at the bank’s 27th Annual General Meeting of Shareholders held last Friday for the year 2022 under review.

Operational environment

The general outlook of the Ghanaian economy continued to witness a ‘slow down’ in economic activities resulting from the ravages of COVID-19 and the war in Ukraine, a trend which was evidenced in the global economy. Consequently, major benchmark economic indicators saw a downward trend during most periods of the year. The government’s announcement of the debt exchange programme had effects on investments and discount income of the bank.

Inflation grew from 12.6 percent in December 2021 to 13.3 percent in December 2022. Bonds coupons declined from about 24 percent to 5 percent due to the debt exchange programme by the Government of Ghana. The Ghana cedi depreciated against all the major currencies.

However, with all of these uncertainties in the local economy, the board of directors and management of the bank held on with the right measures to ensure the bank made major progress in all of its financial indicators as shown in the table.

Performance indicators from 2020 to 2022

ITEM 2020 2021 2022 % CHANGE OVER 2021
Deposit 50,897,625.00 54,912,685.00 77,009,229.00 40.24%
Investments 30,669,237.00 32,461,476.00 40,406,717.00 24.48%
Loans & Advances 11,327,051.00 13,261,336.00 17,127,583.00 29.15%
Stated Capital 1,426,851.00 1,508,579.00 1,732,819.00 14.86%
Net Worth 1,657,073.00 1,609,855.00 3,260,082 102.51%
Total Assets 53,980,307.00 57,882,453.00 85,535,149.00 47.77%
Net Profit (Loss) (390,909.00) -128,982.00 526,547.00 508%


Corporate social responsibility

The bank made contributions to communities and institutions within its catchment areas during the year under review, and an amount of GH₵34,000 was spent by way of social responsibility in the areas of education, health and the traditional council.


The bank, in September this year, opened its ninth branch at Abuakwa as a means to create a closer and deeper relationship with its customers.


In the bank’s quest to provide comfort to its most cherished assets, that is the customers, the bank has refurbished all of its banking halls to the standard of any bank in the country, with the latest being the Mpasaaso Branch.

Meanwhile, plans are underway to build the banks own edifice at Tepa and Pokukrom beginning 2024 upon the approval of Bank of Ghana.

The Board Chair further appreciated the Bank of Ghana, ARB Apex Bank and all audit and compliance teams for their supervisory roles which have contributed in strengthening internal controls of the bank.

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