By Mohammed Balu
Tumu, (UWR), May 21, GNA –The Sissala Rural Bank has posted a significant financial turnaround in 2024, with its profit before tax soaring to GH¢1.83 million, a rise from a loss of GH¢426,638 in the previous year.
Dr Adam Sulley, the Board Chairman, disclosed this at the bank’s 13th Annual General Meeting held in Tumu.
Dr Sulley said the financial performance for 2024 justified the timely decision to restructure.
He described 2024 as a “Moment of reflection, hope, and opportunity”, citing bold restructuring decisions, including appointing a new CEO and key management staff, backed by the Bank of Ghana and ARB Apex Bank.
These measures, he said, had led to visible improvements in capital adequacy, profitability, operational efficiency, and good corporate governance.
Despite a challenging macroeconomic environment, including high inflation (23.8%) and cedi depreciation of 19.2 per cent, the Sissala Rural Bank recorded growth in key performance indicators.
Total income increased by 89.37 per cent to GH¢1.830,723 million, deposits rose by 27.62 per cent to GH¢13.808,342 million, and total assets surged by 34.95 per cent to GH¢14.621,671 million.
However, the bank has stated capital remains below the Bank of Ghana’s minimum requirement of GH¢1 million, whith a capital base of GH¢620,884 as of December 2024, the bank faced a shortfall of approximately GH¢379,116.
Dr Sulley, however, made a passionate appeal to shareholders and the public to increase their shareholding saying, “We need your support now more than ever. We appeal to shareholders to purchase more shares, and we welcome new investors to join us.”
He said, while dividend payments were not expected until 2026, the bank had rolled out a strategic plan (from 2024–2027) aimed at strengthening its competitive edge and improving shareholder returns.
Dr Sulley assured stakeholders that the Board was committed to restoring confidence and delivering long-term value.
According to him, the bank was also expanding its reach through Agency Banking, with 13 agents already positioned in Tumu, Challu, Bugubelle, Welembelle, Jeffisi, Fachoboi and Gwollu communities.
He said new digital services such as USSD/mobile banking, Ghana Pay, and internet banking were also being rolled out to enhance customer convenience.
Dr Sulley said, looking ahead, the bank planned to disburse over GH¢2.1 million in credit to farmer-based and microfinance groups in 2025 and that marketing campaigns, including radio discussions and community engagements were expected to boost the visibility of the bank.
The AGM also touched on governance reforms, including ongoing efforts to onboard qualified directors from the Sissala area.
A notable setback was the untimely passing of Prof. Abdul-Mumin Salifu, the Principal of the Tumu College of Education, who had accepted directorship pending regulatory approval.
Dr Sulley thanked and assured shareholders, staff, and stakeholders for their continued support saying, “Your bank is on the path to recovery. With your collective effort, we shall emerge stronger and more resilient”.
The Chief Executive Officer of the bank, Mr Tang Ernest, assured the shareholders to continue to patronise the bank and its products.
GNA
CAE/Benjamin Mensah