The ARB Apex bank PLC Alex Kwesi Awuah has disclosed that Rural and Community Banks (RCBs) are not out of the woods yet.
Speaking at the 34th Annual General Meeting (AGM) of the Lower Pra Rural Bank, Mr Alex Kwesi Awuah cautioned that even though ARB is a leading competitor in the field RCBs are not exempted from the recession as a result of the current global and national dynamics affecting businesses.
“The Board has proven to be a consistent star performer among her peers but we wish the current global and national economic dynamics affecting business rural and community bank are not out of the woods yet.
Let us be guided by some of the decisions that led to the crisis that faced the RCB during the community clean up,” he said.
He however added that the Bank is in the advanced stages of securing the remaining locked up funds with the Securities and Exchange Commission (SEC) regulated houses.
While segueing the general public to stay vigilant to avoid failing into any suspicious schemes.
“Let us, therefore, be wary of assuming which that is likely to jeopardize shareholders funds as you might already be aware of securing the rest of lock up funds in Securities and Exchanges Commission regulated financial houses.
We shall soon upgrade affected rural and community banks on the progress of work so far as the saying goes; once bitten, twice shy Let us be guided by our past lessons and avoid the temptation of falling victims to suspicious investment schemes.
