Paramount chief for Wassa Amenfi traditional area, Tetrete Okuamoah Sekyim II, is calling on the Akuffo Addo government to channel all district assembly common funds through the Rural and Community Banks.
He said rural banks have the potential to influence the economic growth of the nation, and therefore policies geared towards their growth must be of paramount interest to the State.
“It is certain therefore that rural banks are key to the economic growth and development in areas they operate, the impact of their work is felt nationally. Consequently, policies that are geared towards rural banks have national impact,” he stated.
Speaking at the 7th annual general meeting of the Association of Rural and Community Banks in Takoradi, Tetrete Okuamoah Sekyim II stated that the District Assemblies have been relying on the Commercial Banks for their common funds, however, residents in the various districts rely on rural and community banks for various transactions, because they find it easier conducting businesses there than the Commercial Banks.
According to him, millions of Ghana cedis are disbursed to the over 250 District Assemblies for developmental and administrative projects, adding that if government should succeed in such arrangement, the capital base of the Rural and Community banks will be strengthened for a smooth growth of the local economy.
” There is currently a policy that, district assemblies’ common fund cheques may not be deposited into a rural bank account. The Wassa Amenfi East traditional area is the host of one of the leading rural banks in the country, but common fund cheques for the Assembly is deposited in the accounts of Ghana Commercial Bank locations. But there are no commercial bank locations within the sub urban areas. Accordingly, citizens of Wassa Amenfi are forced to travel long distances to transact businesses, when a simple policy can change this narrative.
“The Wassa Amenfi Traditional Council therefore implores policy makers to take a closer look at some of our banking regulations to determine if the benefits outweigh the cost or if there are compelling government interest to continue these policies,” Tetrete Okuamoah Sekyim II indicated.
He is of the conviction that, the move, will help the rural and community banks contribute their full quota to the development of the country.