The Upper Amenfi Rural Bank PLC, headquartered at Ankwaso in the Amenfi Central District of the Western Region, has emerged as a major force in Ghana’s rural banking sector, posting a record profit before tax of GH¢25.64 million for the 2024 financial year—marking a 153.35% increase over the previous year.
This impressive financial performance was highlighted at the bank’s 35th Annual General Meeting (AGM), where shareholders, stakeholders, and community leaders gathered to assess progress and set new targets for 2025.
Delivering the board’s annual report on behalf of the Chairman, Mrs. Georgina Lartey credited the bank’s growth to a combination of sound financial management, strategic investments, and a deep commitment to rural development.
Transformational Growth Despite Regulatory Pressures
According to Mrs. Lartey, the bank demonstrated remarkable adaptability in the face of increased regulatory scrutiny from the Bank of Ghana. Total assets rose by 79.48% from GH¢373.18 million to GH¢669.75 million, while customer deposits surged by 78.38%—from GH¢344.60 million to GH¢614.68 million.
Loan disbursements also increased modestly by 9.99%, reflecting cautious optimism and prudent credit management amid macroeconomic recovery. The bank maintained a solid Capital Adequacy Ratio of 27.5%, well above regulatory thresholds, underscoring its financial strength and long-term stability.
Returns for Shareholders and Recognition for Excellence
In recognition of its outstanding performance, the Board of Directors announced a dividend of GH¢0.10 per share—an offering that has received full approval from the Bank of Ghana.
Upper Amenfi Rural Bank was also named First Runner-Up in Deposit Mobilisation among all rural banks in Ghana by the Association of Rural Banks, an achievement Mrs. Lartey attributed to staff dedication and customer confidence.
“This recognition is not only a milestone for the bank but a reflection of the deep trust our clients have in us,” she remarked.
Driving Development Beyond Banking
Beyond financial growth, the bank has remained committed to its Corporate Social Responsibility (CSR) obligations. It funded scholarships for students, supported local healthcare initiatives, and invested in infrastructure projects that directly benefit underserved communities.
“These interventions form part of our mission to deliver not just financial services, but real development impact across the areas we serve,” Mrs. Lartey explained.
Vision for the Future: Digital, Inclusive, and Resilient
Looking ahead, the bank has set its sights on becoming one of the top five Rural and Community Banks in Ghana. This ambition will be driven by innovation in digital banking, continuous improvement in customer service, and robust risk management.
“We are committed to sustaining growth while supporting economic recovery at the grassroots level,” she said, stressing that digital inclusion and financial literacy will be central to their future operations.
National Applause for Local Excellence
Mr. Leonard N. Maasang, who represented the Managing Director of ARB Apex Bank Limited, lauded Upper Amenfi Rural Bank’s achievement, describing it as a model of rural financial transformation.
“You have demonstrated that rural banks are not only viable but vital to Ghana’s financial ecosystem. This is one of the most profitable and impactful RCBs in the country,” Mr. Maasang stated.
He thanked shareholders for their confidence, acknowledged the dedication of the bank’s staff, and praised customers for their unwavering loyalty.
