Managements of rural banks have been urged to adopt effective strategies to mobilize more deposits through appropriate and attractive packages and products to mop up excess liquidity outside the banking system.
Mr Emmanuel Kwapong, Managing Director of ARB Apex Bank, who made the call, said the Ghanaian economy was predominantly cash-based with substantial percentage of money supply outside the banking system.
"Apart from helping the economy, effective mobilization of deposits makes funds available for investments, credits and other operations of the banks, " he added.
Mr Kwapong made the call in a speech read for him at the 26th Annual General Meeting of Enyan Denkyira Rural Bank at Ajumako at the weekend.
He commended management of the bank for its good performance and appealed to directors, management and staff not to rest on their oars but work as a team to achieves its objectives.
Mr Kwapong urged managements of rural banks to strengthen their internal control mechanisms and in addition ensured strict compliance with rules and procedures on clearing to forestall embezzlement.
Mr Williams Bray, Chairman of the Board of Directors of the Bank, in his annual report said it made a profit after tax of 43,1 74, 000 Ghana cedis in 2006 but did not mention the profit for 2005.
He said the directors' focus for 2007/2008 was to maximize profits by increasing the bank's assets, increasing free based income and controlling operational cost.