UE/R: The Naara Rural Bank PLC in the Upper East Region held its 34th Annual General Meeting

 By: Raymond Wegwi

The Naara Rural Bank PLC, the oldest in North with footprints all over the Region,has organized its 34th Annual General Meeting to give it’s Annual reports and Financial statements for the year ended ,31st December,2024 to the shareholders . The Chairman, Rev. Fr. Joseph Aseyire Tabase, reported that the 2024 year was very challenging for Ghana’s macroeconomics but was far better than the previous one as they have witnessed a marginal increased in all levels as the Bank deposits increased from GHC 78,664,339 in 2023 to GHC 128,344,012 , loans and advances from GHC 39,159,277 to GHC 64,658,778, Investments also increased from GHC 19,646,307 in 2023 to GHC 39,956,307 ,2024 . Profit also when up by GHC 4,071,154 as compared to GHC 1,641,429 and the bank stated capital stood at GHC 130,280,913 in 2024, significantly above the regulatory requirements and the total assets of the Bank closed the year 2024 with a total asset of GHC 130,333,929 as compared to GHC GHC 73,710,139 recorded in 2023.

The Chairman underscored the importance of human asset to the Bank and pledged the board continue Investments in that strategic area by building their capacity to deliver quality services to their customers and also raise more capital to enable them undertake bigger projects. On the payment of dividends to the shareholders, he said the bank is making profit and could pay, however due to the Bank of Ghana regulations they have to wait for it to be lifted but they are also spending a lot on corporate social responsibilities for all of them to benefit from education, health agriculture to others and appealed once again to government and all agencies involved in corporate taxes to reduce their rates of 25% and 5% to the RCBs for them to do more Rev.Fr. Tabase , said in order to continue to uphold the highest standards of corporate governance practices, the Board developed and approved Code of Ethics and Business Conduct to guide all of them in their work and, going forward as the celebrate their 45 years of good work in December, 2025, the Bank remains cautiously optimistic about the economic outlook through an improved governance and thanked, the shareholders, Management and staff , the customers and their partners, for their continued support.

The Independent Auditors report by Ruyan Consult, read by Dr. Alhaji Chief Yahaya Abdul-Rahman, praised the Naara Rural Bank PLC, for complying to the companies Act, 2019 (Act 992) regulations and urged them to continue with that good work.

The representative of the Managing Director of ARB Apex Bank , Mr. Alex Akwasi Awuah, who speech was delivered by his representative, expressed his gratitude to the stakeholders of the Naara Rural Bank , for it’s continued growth, especially in the area of assets, deposits and profitability and, however cautioned them against their impairment of losses on loans and operational expenses,  and asked them to take steps to reduce them. He advised them, based on their performance to take risk management seriously and also diversify their revenue, and embrace digital transformation, which is cost-effective but results oriented.

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The vice President  of the Association of Rural Banks, Upper East Chapter, Dr. Akudugu Atiah, took the opportunity to encouraged the Board, Management, and staff of the Bank, to continue to give their best, by improving the quality of services to the customers, improving the assets quality with the recovery of loans advances, intensifying deposit mobilization to generate cheaper and sustainable funds for operations, and continuing to mobilize shares in order to remain vibrant for economic well-being of the people, and urged loan defaulters to settle their debts on time. He added his voice in appealing to Parliament, government , BOG and Security and Exchange Commission, to review downwards the corporate tax of 25% paid by RCBs, and to expedite action to free the RCBs monies locked up in the collapsed financial institutions due to the banking cleanup.