The Lower Pra Rural Bank PLC on Saturday celebrated its 40th anniversary with a pledge to continue to initiate strategies to make the bank strong and profitable to support the growth of Shama and its environs and the general economy.
It was on the theme “Effectiveness of Lower Pra in rural banking for community development”.
In his remarks, the Chief Executive Officer (CEO) of Lower Pra Rural Bank PLC, Mr Isaac Kwamina Afful, said all the indicators of the bank, including profitability, returns on equity, remained strong.
He reported the bank as of August 31, 2023 recorded deposits totalling GH¢214, 931,462. 45.
Mr Afful said outstanding advances during the same period also amounted to GH¢97, 840,585.89.
He said two loans products, Women in Development and Susu, introduced by the bank to businesses, had helped promote growth and alleviated poverty in the Shama community and the catchment areas.
Mr Afful said the vision of the management and the board was to transform the bank into one of the best rural banks in the country.
“With dedication, strong will of pioneers, and good leadership, and innovation, Lower Pra Rural Bank has survived the storm and become profitable and the future of the bank looks bright,” he stated.
Board Chairperson, Felicia Aba Dawood, said, “Forty years of existence is rebirth of innovation and creative ideas, taking on new risks and challenges in the banking and financial terrain and forging modern and time-testing skills and strategies to maintain its accolade as bank of choice.”
Chairman of the event, Professor Michael Amakyi, suggested that management of the bank should draw a 10-year strategic development plan to guide the operations of the bank, saying, “by the end of 50 years, what will be the story of Lower Pra in terms of its vision to become the leading bank in innovations and community development?”
Western Regional Minister, Kwabena Okyere Darko Mensah, noted that the bank did not glorify poverty and had created a niche that had extended its fortunes beyond Shama, indicating that “the future is bright and Western Region will be Lower Pra”.
“We should all join hands and grow businesses in the region. If businesses are doing well and paying taxes, government will get the money for development. We must grow money,” he said.
Lower Pra Rural Bank PLC, formerly Essemaman Rural Bank Ltd., incorporated in Ghana on August 31, 1983, as the 66th RCB in the country, currently boasts of 17 branches and six mobilisation centres.
FROM CLEMENT ADZEI BOYE, SHAMA
