By Enock Akonnor (Managing Editor) enockakonnor2013@gmail.com
Asokore Mampong Rural Bank PLC delivered a robust financial performance in the 2024 financial year, recording significant growth across major operational indicators.
This was announced by the Vice Chairman of the Board, Mr. Sefa Dankwa, during the Bank’s 4th Annual General Meeting held at Asokore Mampong of the Asokore Mampong Municipality.
Addressing shareholders, traditional authorities, and invited guests, Mr. Dankwa described the year’s performance as “remarkable,” noting that the Bank made substantial gains in assets, deposits, and investments despite economic uncertainties associated with the national elections.
Strong Financial Growth in 2024
The Bank’s total assets surged by 65%, rising from GH¢30.75 million in 2023 to GH¢50.78 million in 2024. Deposits also increased significantly, recording a 58% growth to reach GH¢44.34 million, compared to GH¢28.03 million the previous year.
Investments grew by 63%, climbing from GH¢15.95 million in 2023 to GH¢26.06 million in 2024.
However, due to election-period uncertainties, the Bank adopted a cautious approach to lending, resulting in a 7% decline in its loan portfolio. Mr. Dankwa assured shareholders that a more stable economic environment in 2025 is expected to support renewed lending activities, particularly to micro, small, and medium-scale enterprises.
The Bank also recorded an impressive 157% increase in profit before tax, hitting GH¢1.62 million, up from GH¢0.63 million in 2023. This performance boosted shareholders’ funds by 85%, rising from GH¢1.86 million to GH¢3.45 million in 2024.
Governance and Audit Updates
The Vice Chairman announced that the Board has engaged Lawyer Phyllis Irene Nortey, whose credentials have been forwarded to the Bank of Ghana for approval, to support the strengthening of governance structures.
In compliance with the Companies Act 2019 (Act 992), the tenure of the Bank’s external auditors, Amoako Boateng and Associates, ended at the AGM. The Board expressed appreciation for their service and proposed Softwind Consults as the new external auditors, subject to shareholder endorsement and Bank of Ghana approval.
Recognition and Achievements
Mr. Dankwa highlighted a major milestone for the Bank: winning the “Best in Rural Banking” award at the Ashanti Business Merit Awards held on 18th July 2025 at the Lancaster Hotel, Kumasi.
Positive Outlook for 2025
Mid-year performance figures for 2025 indicate that the Bank is on track for another impressive year. As of June 2025:
Total deposits reached GH¢50.97 million, a 15% rise over the 2024 year-end figure.
Loans and advances grew by 14.21% to GH¢11.01 million.
Profit before tax hit GH¢1.633 million, surpassing the entire 2024 profit in just six months.
Despite declining treasury bill rates affecting income across the financial sector, Mr. Dankwa noted that prudent expenditure management and new income-generating strategies have kept the Bank on a profitable path.
Expansion Plans
Following the successful performance of the Suame-Maakro branch opened under a 2023 license, the Board has resolved to establish a fourth branch in Adum, the central business district of Kumasi. The Bank has already written to the Bank of Ghana to seek approval.
Call for Capital Injection
Mr. Dankwa appealed to shareholders, local businesses, and institutions to purchase more shares to support the Bank’s long-term growth. He emphasized the Board’s commitment to safeguarding and expanding the legacy built under the leadership of Board Chairman, Nana Boakye Ansah Debrah.
Corporate Social Responsibility
Reaffirming the Bank’s community-focused mission, management disclosed that a total of GH¢46,489 has been invested in corporate social responsibility initiatives between 2020 and 2024, supporting social and economic development within the Asokore Mampong municipality.
Source; www.leakyGhana.com
Enock Akonnor is an experienced Ghanaian journalist, based in Kumasi and currently serves as the CEO and Managing Editor of www.leakyghana.com.
With a wealth of expertise built over many years in the media industry, he has earned a solid reputation as one of Ghana’s most sought-after journalists.
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