DAMONGO GETS RURAL BANK (PAGE 20)

Story: Zakaria Alhassan, Damongo

A Bank is an organisation or an establishment that keeps money and valuables safely and also provides various financial services to its clients.
Its presence in any community also provides the people with security for their monies and valuables and also facilitates easy financial transactions.
A sound and healthy banking system could, therefore, be a catalyst for accelerated economic growth with its resultant promotion of social cohesion.
It was for these reasons that the chiefs and people of Damongo in the West Gonja District of the Northern Region turned out in their numbers to be part of the history on the establishment of the first community bank in the area.
The “Buuwuloso One Stop Rural Bank Limited” was officially opened to the general public on Tuesday at Damongo.
The occasion, which was marked with pageantry, was also witnessed by the King of Gonja, Yogbunwura Bawa Doshie, and his retinue of elders.
According to the Chairman of the Board of Directors of the bank, Dr Abu Sakara, the bank was borne out of the initiative of the local community, individuals and institutions.
‘‘It took a period of two years of hard work, commitment and determination to get us this far, for which reason we would need the support and co-operation of all to sustain the operations of this bank,’’ he stressed.
The board chairman said the bank — which had an initial capitalisation of over GH¢100,000 — had a long-term vision of extending its services to areas such as Buipe, Sawla and Daboya to serve the needs of the growing population of those communities.
He said in the short term, the bank intended to operate a mobile service to those areas.
“It also aims at collaborating with non-governmental organisations and other development establishments to offer loans to farmers and petty business operators in the district to expand their activities,” Dr Sakara stated.
The Yagbonwura commended the board members for their foresight and contribution to the development of the area through the establishment of the bank.
‘‘You must not turn this beautiful structure into a white elephant; what you must do is to reciprocate this laudable gesture by saving and patronising the services of the bank to let it grow,’’ he admonished.
In a speech read on her behalf, the District Chief Executive for the area, Madam Janet Alhassan Jambia, expressed the preparedness of the assembly to effectively partner the management of the bank to yield the needed results.
The chairman for the occasion, Mr S.S. Saaka, who is also a board member of the bank, observed that the inauguration of the bank was a milestone in the development of the community.