Asokore Mampong Rural Bank Targets Leadership in Rural Banking with Innovative Strategies

Kumasi, Ghana – The Asokore Mampong Rural Bank (AMRB) is set to maintain its leading position in the rural banking sector in the Ashanti Region through the development of innovative products and strategies. This commitment was expressed by Nana Boakye Ansah Debrah, Asokore-Mamponghene and Board Chairman of the bank, in an interview with the Ghana News Agency in Kumasi. Established five years ago, the bank has demonstrated significant growth attributed to prudent financial management and the introduction of innovative products.

According to Ghana News Agency, despite economic challenges in the financial sector, AMRB managed to achieve a profit of GH?349,310 in the year 2022. This success was a result of the diligent efforts and prudent management by the bank’s stakeholders. The Board Chairman highlighted the difficulties faced by financial institutions in the current economic climate, particularly in light of the government’s Domestic Debt Exchange programme (DDEP) and the sharp rise in inflation rates. The depreciation of the Ghana Cedi posed additional challenges for businesses.

Nana Ansah Debrah stated that the bank’s total assets increased by 22.2 percent from the previous year’s GH?17.5 million to GH?21.4 million at the end of 2022. The bank’s total deposits also grew by 18.68 percent, reaching GH?19.88 million. He emphasized the bank’s commitment to the socioeconomic growth of communities, noting that GH?5,080 was spent on corporate social responsibilities. The Board Chairman urged stakeholders and customers to continue supporting the bank, promising better prospects and services in the future.