News
Rural, community banks meet to strategise on industry performance
The Association of Rural Banks, chief executive officers (CEOs) and directors of rural and community banks are meeting in Koforidua for the 22nd Biennial General Meeting (BGM) and the 4th Rural Banking Excellence Awards.
The event, scheduled for November 7 to November 19, will be held on the theme: “The Role of Rural Banks: Growing Resilient RCBs in the Contemporary Ghanaian Economy”.
The objective is to review the performance and activities of major stakeholders of the association, and other developments within the rural banking industry.
It is also to elect new council members to steer the affairs of the association for the next two years.
Dignitaries
This year’s event will be graced by the Governor of the Bank of Ghana, Dr Ernest Addison, who is expected to make a regulatory pronouncement and to address regulatory issues like the compliance of the new corporate governance directive for all rural banks.
Knowledgeable and experienced industry players, including Board Chairman of the ARB Apex Bank, Dr Toni Aubynn; the Managing Director of the ARB Apex Bank, Alex Kwesi Awuah, and the Eastern Regional Minister, Seth Kwame Acheampong, among others, are also expected to make governance and operational remarks with regard to happenings in the industry.
The acting National President of the Association of Rural Banks, Kwame Owusu Sekyere, will speak on issues bordering on the management of various rural and community banks, including locked-up funds with the Securities and Exchange Commission (SEC); the need for the rural banks to have adequate capital to serve as a buffer to cushion against losses emanating from credit and operational risk, among others.
Importance of RCBs
Rural and community banks (RCBs) play a major role in ensuring that Bank of Ghana’s National Financial Inclusion and Development Strategy is achieved.
Since they are in the communities, their products and services are tailored to incorporate everyone.
They also contribute essentially to the economic development of the country as they support micro small medium enterprises, especially in the rural parts of the country.
This major role leads to financial inclusion, poverty reduction and helps in bridging the gap between urban areas and the rural economy.
Background
The Association of Rural Banks is the apex body of all rural and community banks in Ghana.
It has a membership of over 147 rural and community banks with more than 850 branch networks providing banking services throughout the country.
RCBs have 6.5 million customers, employing more than 15,000 permanent staff.
The association has been supporting, promoting advocacy programmes to impact the development of agriculture, commerce and the growth of micro-medium and small-scale enterprises in rural communities.
The association, however, works closely with the ARB Apex Bank to achieve industry purpose.
Harry Maguire, Dr Mahamudu Bawumia and Isaac Adongo
England defender Harry Maguire has been mocked by a Ghanaian MP who used a football analogy to describe the nation’s vice president.
Hon. Issac Adongo labelled the country’s Vice President Dr Mahamudu Bawumia as an “Economic Maguire”, likening his performance in the role to Maguire’s decline since joining Manchester United.
Vice President Dr Mahamudu Bawumia is a Ghanaian economist and former central banker who serves as the 5th Vice President of Ghana in the 4th Ghanaian Republic.
“…tackling Manchester players and giving assists to opponents. Mr Speaker, when the opponent failed to score, Maguire will score for them,” Mr Adongo said, as laughter erupted in the chamber.
“Mr Speaker, you remember in this country we also have an economic Maguire.”
Mr Isaac Adongo is a Ghanaian politician and member of the 8th Ghanian Parliament representing the Bolgatanga Central Constituency in the Upper East Region on the ticket of the National Democratic Congress. He was first elected in 2016 and he was re-elected in 2020.
Harry Maguire gets roasted in Ghanaian parliament as Economic Maguire. Credit to JoyNews. #HarryMaguire #Dr #EconomicMaguire #Ghana pic.twitter.com/Sv2M1CWHPQ
— Debrich Group Ghana, Nigeria & Europe (@debrichgroup) December 3, 2022
The Speaker of Parliament, Alban Bagbin, has served notice to Members of Parliament and visitors to the House to comply with newly instituted security measures that require anyone seeking entry to the Chamber to be scanned before entry is granted.
Speaker Bagbin instructed that any Member of Parliament or visitor that fails to comply with the new directive should be denied entry to the Chamber effective Thursday, November 17.
The Speaker says all persons who seek to enter the Chamber must go through the newly installed scanners in the House as part of measures to beef up security.
“It is compulsory for all members including me to pass through the machines to be scanned before we enter the Chamber of Parliament”.
“All strangers who intend coming to the public gallery, or to the press gallery, or to the important visitors gallery are all to pass through the scanning machines. Starting from Thursday, anybody who is not willing to pass through those machines will definitely not be allowed to enter this Chamber.”
The beefing up of security at the House was first raised two years ago by the then Speaker, Professor Mike Oquaye who pleaded for additional security attaché to legislators.
The committee of Parliament probing allegations in a censure motion against the Finance Minister, Ken Ofori-Atta, is expected to resume sittings today, Thursday with an appearance by the Public Interest Accountability Committee (PIAC) and the Ghana National Petroleum Corporation (GNPC).
In a Facebook post, the North Tongu MP, Samuel Okudzeto Ablakwa, said PIAC and GNPC are expected before the committee at 11 am today.
GNPC is the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in Ghana, while PIAC is an independent statutory body mandated to promote transparency and accountability in the management of petroleum revenue in Ghana.
This comes after proponents of the motion, the Minority, were heard on their grounds for their allegations of conflict of interest and financial recklessness levelled against the Finance Minister for censure against him.
The Minority, represented by the Minority Leader, Haruna Iddrisu and, Minority Spokesperson on Finance, Cassiel Ato Forson, cited PIAC reports from 2019 to 2022 and the Petroleum Management Act as some of the basis for their allegations against the Mr. Ofori-Atta.
Mr. Ofori-Atta, will on Friday be expected to put up a defence to the Minority’s push for a vote of censure against him.
He had requested time to prepare based on the evidence tendered to the committee by the Minority.
The evidence included IMF staff reports from 2018 to 2021, fiscal data from the Ministry of Finance, Budget statements from 2019 to 2022, mid-year budget statements from 2019 to 2022 and the Auditor General reports from 2018 to 2020.
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