{"id":315232,"date":"2017-05-01T06:00:24","date_gmt":"2017-05-01T06:00:24","guid":{"rendered":"http:\/\/citifmonline.com\/?p=315232"},"modified":"2017-05-01T06:00:24","modified_gmt":"2017-05-01T06:00:24","slug":"govt-to-partner-bonzali-rural-bank-to-assist-farmers","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/05\/govt-to-partner-bonzali-rural-bank-to-assist-farmers\/","title":{"rendered":"Gov’t to partner Bonzali Rural Bank to assist farmers"},"content":{"rendered":"

Government is to partner with Northern Region\u2019s leading rural bank, Bonzali Rural Bank Limited to give stimulus packages to smallholder farmer groups and traders.<\/p>\n

According to the Northern Regional Minister, Bonzali Rural Bank Limited will oversee the disbursement in line with government\u2019s agriculture sector transformation agenda.<\/p>\n

This in Salifu Saeed\u2019s estimation, could boost government\u2019s \u2018Planting for Food and Jobs\u2019 programme as a means of promoting agribusiness in rural communities.<\/p>\n

He reaffirmed government\u2019s commitment to support peasant farmers in the region to practice all-year round farming.<\/p>\n

\"91e26399-5c4a-41b3-a6f8-0a32eba10865\"<\/a><\/p>\n

Salifu Saeed made this known at the Bonzali Rural Bank\u2019s 10th <\/sup>Annual General Meeting at its headquarters in Kumbungu.<\/p>\n

He acknowledged the bank\u2019s immense contribution towards poverty eradication, hence government\u2019s Public-Private-Partnership strategy.<\/p>\n

He commended the bank\u2019s management for networking with successive governments and development partners to improve the socio-economic well-being of the rural poor.<\/p>\n

\u201cThrough the bank, farmer groups will be supported in order to encourage them practice the irrigation system of farming especially during the dry season. As part of the Akufo Addo government\u2019s commitment to enhance the agricultural sector, the one village, one dam policy will support rural communities to do farming all-year round.\u201d<\/p>\n

He urged management of the Bonzali Rural Bank Limited to extend its Corporate Social Responsibility saying, \u201cWith the support of your Corporate Social Responsibility, Ghana can be a better place for all.\u201d<\/p>\n

\"d3c54d5b-0afe-4e61-a082-0de833006222\"<\/a><\/p>\n

Salifu stressed the need for peaceful co-existence to attract investors and development partners. Chairman of the function, Alhaji M.S Abdallah, presented the bank\u2019s fiscal statement for the 2016 financial year review.<\/p>\n

He revealed that, the rise in inflation, cedi depreciation, high interest rates and erratic power supply affected the bank\u2019s dividends over the years.<\/p>\n

\u201cThe bank witnessed difficulties in the economy resulting in a rise in inflation, cedi depreciation against major currencies, high interest rate on borrowed funds and power rationing among others.\u201d<\/p>\n

Alhaji M.S Abdallah stated, \u201cThat notwithstanding, our determination to strengthen our position as a leading microfinance institution in Northern Ghana and beyond yielded desired results.\u201d<\/p>\n

\u201cAs a financial institution, our commitment to our core values of friendliness, professionalism, loyalty, integrity, and service quality to our customers ensured that, we remained the bank of choice in the industry during the period under review and still on track.\u201d<\/p>\n

He said the bank improved its earnings per share by 84.13% as a result of appreciation in all key indicators. He disclosed management\u2019s intention to open four more branches at Saboba, Bimbila, Aboabo and Kukuo markets in Tamale.<\/p>\n

Yentumi Ababioh and Associates presented the Auditor\u2019s Report which positively reflected on the financial upright for the year 2016 review.<\/p>\n

The report stated that, \u201cThe accompanying financial statements give a true and fair view of the state of the financial affairs of the Bank as at 31 December, 2016, and of its profit and cash flows for the period then ended in accordance with International Financial Standards and with the companies Code, 1963 (Act 179).\u201d<\/p>\n

Management adopted a resolution for the amendment of the bank\u2019s regulations, approved dividends of 0.02 per share, fixing of Directors and Auditor\u2019s remuneration and election of three new Directors to replace its retiring Directors among others.<\/p>\n

Corporate Social Responsibility<\/strong><\/p>\n

As part of the bank\u2019s Corporate Social responsibility (CSR), the Bonzali Rural Bank Limited made donations to individuals and institutions in the areas of health, education and sports.<\/p>\n

The bank also provided support for annual farmer\u2019s day celebrations, cultural and festive occasions such as Damba.<\/p>\n

Over the period under review, (2015 and 2016 financial year), total donations of GH\u20b5137, 000.00 were expended as part of the bank\u2019s CSR programme.<\/p>\n

An amount of GH\u20b524, 640.00 was paid to deserving staff who served the bank for 10 years and above.<\/p>\n

The Bank is expected to maintain its dominance in the microfinance operations sector for the 2017 fiscal year.<\/p>\n

\u00a0<\/strong>Profile<\/strong><\/p>\n

The Bonzali Rural Bank Limited since its establishment has been the leading rural bank in the Northern Region.<\/p>\n

The bank provides a comprehensive range of financial services to the rural poor communities as well as personal customers and small-scale enterprises.<\/p>\n

–<\/p>\n

By: Abdul Karim Naatogmah\/citifmonline.com\/Ghana<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Government is to partner with Northern Region\u2019s leading rural bank, Bonzali Rural Bank Limited to give stimulus packages to smallholder farmer groups and traders. According to the Northern Regional Minister, Bonzali Rural Bank Limited will oversee the disbursement in line with government\u2019s agriculture sector transformation agenda. This in Salifu Saeed\u2019s estimation, could boost government\u2019s \u2018Planting […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[6696,3,6697],"yoast_head":"\nGov't to partner Bonzali Rural Bank to assist farmers - Citi 97.3 FM - Relevant Radio. 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