…proposes to pay dividend for the first time.
By Seth KRAMPAH, Wioso
The Ahafo Ano Premier Rural Bank PLC at Mankranso-Wioso in the Ashanti Region has recorded yet another impressive operational performance in all financial indicators for the 2024 year under review.
Profit & Dividend
The Bank has recorded a net profit before tax of GH₵ 8.58million as against GH₵935,493 in the previous year, representing a remarkable growth of about 818%.
By this exceptional performance, the Board of Directors has proposed to pay a total dividend of GH₵764,223.63 which translates to a dividend per share of GH₵ 0.05p. This proposed dividend will give a return on investment of 16.67% on the Bank’s current share price of GH₵ 0.30p.
As at the time of going to press, the Bank was still awaiting response to the written request for no objection sent to Bank of Ghana to commence disbursement. Once approved, the Bank shall pay its first dividend in the history of the Bank, which shareholders had yearned for over the years.
The shareholders have been assured that this payment of dividend will not be a nine-day wonder as the Board continues to assure shareholders of sustainable operational performance in the coming years.
Deposit
The Bank recorded an increase of about 120% in deposits from GH₵103.3million in 2023 to a little over GH₵227.5million in 2024. This increase resulted from improved service delivery and marketing in catchment areas of the Bank, which resulted in the confidence customers have developed in the Bank.
The Chairman of the Board of Directors, Humphrey Nii Narku Omaboe Esq. announced these and more at the Bank’s 30th Annual General Meeting of shareholders held recently at the St. Peter’s Catholic Church at Wioso in Ashanti.
General Economic Outlook
According to him, even though Ghana’s economic growth surpassed expectations in 2024, exceeding the revised targeted real Gross Domestic Product (GDP) growth rate by 0.60%, the GDP data from the Ghana Statistical Service indicated that real GDP growth rate decelerated from 2.90% in 2023 to 5.70% in 2024, replicating the tight global financial conditions and macroeconomic difficulties that resulted in several changes within the economy; including the completion of Domestic Debt Exchange Programme (DDEP).
Consequently, some key economic indicators saw a downward trend during the better part of the year. Inflation decreased from 39.21% in December 2023 to 22.88% in December 2024. 91-day Treasury bill rate decreased from 27.35% in December 2023 to 26.20% in December 2024; 182-day Treasury bill decreased from 27.55% in 2023 to 25.09% in 2024 and the average lending rate closed at 30.25% in 2024, 3.50% lower than the average lending rate in 2023.
The Ghana Cedi depreciated against all the major currencies. Even though the general economy witnessed the completion of the Domestic Debt Exchange Programme (DDEP), performance of the banking sector was encouraging with growth in revenue, assets and other key indicators.
In spite of the challenging macroeconomic environment coupled with the high inflationary rate that pertained during the reviewed year, the bank managed to pull an exceptional operational performance in all key financial indicators as indicated in the table.
| ITEMS | GH₵’ Million 2024 | GH₵’ Million 2023 | PERCENTAGE CHANGE |
| Total Assets | 258,134,326.00 | 111,617,070.00 | 131% |
| Stated Capital | 2,057,884.00 | 1,866,699.00 | 10% |
| Deposits | 227,500,028.00 | 103,348,272.00 | 120% |
| Loans & Advances | 39,355,001.00 | 32,409,259.00 | 21% |
| Investment | 186,247,616.00 | 46,912,488.00 | 297% |
| Net Profit Before Tax | 8,583,659.00 | 935,493.00 | 818% |
Corporate Social Responsibility
The Bank continues to provide support to various state institutions and stakeholders within its catchment areas. Some projects supported within the bank’s catchment areas during the year under review included that of the Traditional Councils, Ghana Education Service (GES), the Ghana Police Service, some government health facilities and support for Farmers’ Day Celebration, which amounted to about GH₵ 107,179.
The Board Chairman stressed that the bank is socially responsible and would continue to support projects and engage in environmentally friendly activities in the years ahead.
ICT/Mobile Banking
At the Bank’s last meeting it was reported that the deployment of a short code *992# for the Bank, as the new USSD mobile banking application code, enables customers to transact banking business at their various locations and at any time.
In addition, mobile bankers have been issued with Point of Sale (POS) devices which help customers receive instant notification of their deposits. Again, with the support of ARB Apex Bank PLC, customers of Sister Rural Banks can also conveniently transact business at all Branches.
Agency Banking is now fully being implemented in the Bank. The Board Chairman has therefore invited all and sundry to visit any of the bank’s branches to sign up and have a feel of pleasant banking services delivered by the bank’s motivated staff.
Future Outlook
The Chief Executive Officer of the Bank, Ernest Dankwah, in an interview with the Business & Financial Times, said the Bank would continue its good services and develop need-based products for its customers.
According to him, the Bank’s key strategy to sustain growth will be continuous training of Directors and Staff in operational efficiency and good customer service to retain existing customers and attract potential customers.
Improved products and image building with market presence and visibility across the Bank’s operational territory and strengthen the compliance regime of the bank.
The Chairman in his concluding remarks took the opportunity to commend the Management and Staff of the Bank for an exceptional performance and encourage them to sustain and even do more.
He gave the assurance that the mutual co-operation between the Board and Management will be strengthened and the necessary resources needed by Management to perform will be provided to enable the Bank to continue to realize its vision.
