Payment of the shares was in response to a request made by the management of rural bank to the Bank of Ghana to help ease the burden of the shareholders after the Bank of Ghana’s (BoG) directive (NOTICE NO. BG/GOV/SEC/2020/03) dated 20th April 2020 preventing Banks from paying dividend.

In compliance with the directives of the Bank of Ghana, the bank has since then not paid any dividend to shareholders leading to the request to the BoG.

Dr Francis Kwaku Aboagye-Otchere, the Board Chairman of the Sefwiman Rural Bank, lauded the Bank of Ghana for hearing the cry of the shareholders as he encouraged them to use their dividends to buy additional shares to shore up the stated capital to reposition the bank to absorb any future shocks. 

The outgoing Board Chairman announced this at the 17th annual general meeting of the bank at Bibiani in the Western North region over the weekend.

Profit Performance

The bank notwithstanding the immense challenges occasioned by the full-blown macroeconomic crisis in 2022 which resulted in the decline of the Ghanaian economic growth during the year, made giant strides.

The bank’s gross earnings increased by 13 per cent from GH¢9.36 million in 2021 to more than GH¢10.61 million at the end of 2022. 

Again, Profit Before Tax which stood at GH¢1,260,586 in 2022 increased to GH¢1,442,633 representing a growth of 14 per cent over the previous year’, while Profit After Tax increased from GH¢948,168 in 2021 by 13 per cent to GH¢1,075,122 in 2022