Mr. Eric Osei-Bonsu, the Managing Director of Apex Bank, has appealed to shareholders of rural and community banks to buy more shares to meet the required share capital of 150,000 cedis as directed by the Bank of Ghana.
He said this in a speech read for him at the second Annual General Meeting of the Toende Rural Bank at Zebilla on Saturday.
He said rural banks that were unable to meet the required amount would either be liquidated or be compelled to join other weaker banks.
Mr Osei-Bonsu expressed the need for the Board of Directors and the Management of rural banks to initiate innovative policies to persuade shareholders and more people to purchase shares to enable them continue to operate.
He urged the Toende Rural Bank to give more attention to the micro finance base to enable it to reduce poverty and appealed to the bank to set up an Internal Audit Department to curb fraud.
He commended Toende Rural Bank for being rated the 19th best performing bank out of the 120 rural banks in the country for the fourth quarter in 2007 by the Apex Bank and praised it for recording a net profit of 12,886 Ghana cedis in 2008, an increase of 14 per cent in 2007.
Rev Dr Jacob Ayiboo, Board Chairman of the bank, commended the Management and staff of the bank for their achievement and urged them not to relent in their efforts in making the bank to continue to improve to attract more customers.