Asokore Mampong Rural Bank holds 2nd AGM

The Asokore Mampong Rural Bank PLC in the Asokore Mampong Municipal District of Ashanti Region, has posted a remarkable operational performance in the 2022 year under review.

The bank recorded a profit before tax of GH₵349,310 to close the year 2022, representing a significant growth of 574.77% over the 2021 profit figure of GH₵52,291.

Total assets of the bank grew by 22.27% on the 2021 figure of GH₵17.5million to reach GH₵21.4million by end of 2022. Total deposits of the Bank also grew by 18.68% over the December 2021 figure of GH₵16.75million, to reach GH₵19.88million as at December 2022.

Chairman-Board of Directors, Nana Boakye-Ansah Debrah, announced these and more at the bank’s 2nd Annual General Meeting (AGM) for shareholders held last Friday at Asokore Mampong in Ashanti.

Operational Environment

According to him, the country’s macroeconomic performance worsened with government’s announcement of the Domestic Debt Exchange Programme (DDEP). Inflation rose to unprecedented levels while borrowing costs increased. The Ghana cedi saw its worst depreciation in decades, forcing businesses to purchase other currencies as a store of value.

The Ghana reference rate, for instance, surged from 13.89% as of December 2021 to 32.83% as at end of year 2022 according to the Bank of Ghana Summary of Macroeconomic and Financial Data (SMFD) published in January 2023.

According to the same report, the average lending rate in the country increased from 20.04% in December 2021 to 35.58% in December 2022. The SMFD also indicated that the Ghana cedi depreciated against the US dollar by 30% (year-to-date) to trade at US$1/GH₵8.576 as at December 2022 from US$1/GH₵6.01 in December 2021.

Similarly, the cedi depreciated against the Great British pound by 21.2% (year-to-date) to trade at £1/GH₵10.311 in the same period from £1/GH₵8.13 in December 2021.

In respect of these difficulties which had to be surmounted, the bank redefined its operational strategies – considering its strength, weaknesses and external threats and opportunities to mitigate the far-reaching effect – and managed to pull a remarkable operational performance in all financial indicators for 2022 as indicated in the table below.

INDICATOR 2022 GH₵ 2021 GH₵ 2020 GH₵ 2019 GH₵ July-Dec 2018 GH₵
Total Deposit 19,883,238 16,753,603 11,005,075 4,804,944 1,229,592
Investment 8,971,390 7,599,650 4,567,625 3,162,026 1,153,861
Loans/Advances 4,347,534 4,686,845 2,266,528 838,278 13,221
Total Assets 21,413,045 17,513,376 11,670,261 5,628,187 2,778,459
Shareholders’ Funds 1,103,470 400,560 143,792 724,112 1,531,906
Stated Capital 2,763,030 2,409,430 2,204,430 2,062,475 2,060,475
Profit Before Tax 349,310 52,291 (722,275) (811,226) (527,137)

Corporate Social Responsibility

On Corporate Social Responsibility (CSR), the Board Chairman noted that the bank spent a total GH₵5,080 on areas such as Education, Agriculture, Women Empowerment, sports and health. This, he said, was in line with the bank’s mission to promote socioeconomic growth for the community in which it operates.


The bank was awarded at the 4th Rural Banking and Excellence Awards as the Most Compliant Rural Bank (2nd runner-up) in the country. Similarly, at the 19th Ashanti Financial Services Excellence Awards organised under the auspices of the Manhyia Palace, Asokore Mampong Rural Bank was awarded as the Most Promising Bank 2022.

Capital Injection

The Board Chairman further called on shareholders and businesses located in Asokore Mampong township to buy more shares to boost and sustain the banks performance – emphasising that the bank will rub shoulders with big banks in the shortest possible time.

New branch

The Board Chairman disclosed that a third branch of Asokore Mampong Rural Bank – located at Suame-Maakro – has been fully set up and will be open for business by end of the year.

Outlook for 2023

The Board Chairman further indicated that if the mid-year performance review for year 2023 is sustained, the bank will post an impressive performance by end-2023.

He stated that as at end second quarter-2023, the bank’s total deposits had hit GH₵23.69million while loans and advances reached GH₵7.49million. The bank had recorded a profit before tax of GH₵448,134 as at end-June 2023.

Nana Boakye-Ansah Debrah added that the Board and Management have instituted strategic measures to ensure this performance is sustained to year-end and give maximum value for shareholders.

The bank’s CEO, Francis Nantwi, in an interview with Business & Financial Times said with the bank on its profit-making trajectory, management will continue seeking ways of strengthening and developing its operations to maintain the confidence customers and shareholders are beginning build in the bank.

He emphasised that the bank’s business model going into the future will be tailored for Micro-, Small- and Medium-Enterprises, and will push for more market penetration as the bank’s Marketing and Credit Departments begin to develop new and innovative products and trusted relationships with clients.

According to him, the bank will continue to see its strength in the area of managing credit needs for small and medium enterprises – as well as continuing to improve upon the support offered to this sector of the economy.

Mr. Nantwi further disclosed that the bank will develop the human capital needed to meet demands of functioning profitability, as well as achieving the objective of overcoming shocks from the unfriendly macro-economic environment and rising cost of living.