By this move, the issued shares of 76 million cedis has doubled, as part of the management’s efforts to redistribute accrued wealth of the Bank.

Chief Executive Officer, Dr. Alexander Asmah explains “this is the time that the Bank has built a considerable amount of wealth, and the Board has decided that the wealth has to be distributed to the existing holders.”

For about twelve years, the price of the Bank’s shares has remained at 20 pesewas despite the increase in profitability and value of the institution.

For 2024 alone, the Bank’s stated capital increased to over fifteen million cedis, representing a 55.88% increase. A similar percentage change of the indicator was recorded in the year before.

Per the assessment of management, the Bank’s value exceeds the amount being offered for new shareholders, hence the need for the increment of share prices by a hundred percent.

Despite the hike in the prices of the shares, the management of the Bank believes it is not a reflection of the value of the Bank.

“The professional valuation we did suggested a very high share pricing, but the board directed that since we are a Rural Bank and there are a lot of rural investors, we shouldn’t put the price at a point that it becomes a disincentive to our investors,” he added.

At the Annual General Meeting of the Bank, shareholders and the board agreed to an automatic pricing of the cost of the shares based on performance of the institution.

“Amenfiman Rural Bank share pricing will have an automatic formula, every year the price will change based on the performance of the Bank. The risk situation, the economic situation and others will be the factors to determine the prices. There is a need for all to take advantage now because the prices may go up in the coming year,” he added.

Profit and Proposed Dividends

For the 2024 financial year, the Bank increased its profit margins, placing them above their competitors in the country. A net operating profit before tax increased by 271%, bringing the margins to GH¢89 million from GH¢24million achieved in 2023.

The Bank recorded a net profit after tax for the year 2024 of GH¢55,377,856. This is a significant improvement from a profit position of GH¢16,802,293 for the previous year.

The Bank’s return on equity increased to 48.28% from 23.02% which was recorded in the previous year. Other indicators were positively affected by the growth.

These areas include return on asset, return on capital employed and earning per share.

Dr. Asmah attributes the gains to “strategic emphasis on meticulous cost management and a deliberate shift towards active portfolio management and diversification of investment and loan products.”

For this reason, cash dividends equivalent to 30% of profit after tax was proposed by the Board of Directors and has since been accepted by the shareholders.

An amount of GH¢16,613,356.80 is set aside as dividend to the shareholders, a figure equal to 42 percent returns on investment.

For every share which was purchased at 20 pesewas, shareholders will receive dividends of GH¢0.085 per share equivalent to GH¢6,504,629.00.
This is in addition to the share bonus issue of one additional share for every one existing share held also totaled GH¢10,108,727.81.

Deposit Mobilization and Future Outlook

The Bank’s deposits during the year under review surged to GH¢1.5 billion in 2024, from GH¢768 million in 2023, representing a 102% growth, the highest in the Rural and Community Banking industry in the year under review.

“This was achieved on the back of exceptional service delivery, the loyalty of our customers to do more with us and the dedication of our trained employees to reach out to the unbanked and the under-banked to capture them into the inclusion plan,” the Bank’s report indicated.

Additionally, the opening of new agencies and mobilization centers contributed to the growth.

The Board Chairman, Prof. Lucas Nana Wiredu Damoah in an address expressed gratitude to the staff for the achievement.

“I wish to use the occasion to congratulate our hardworking employees and to thank our esteemed customers for their loyalty. Today, our vision to become the bank of choice for the MSME is largely achieved and Amenfiman has become a household name, and a comprehensive one stop shop for financial services, including insurance,” he said.

Under the leadership of Prof Damoah as Board Chairman, the Bank is pursuing regulatory authorization to expand its branches to Wassa Japa, Takoradi, and at thebRoman Ridge Area in Kumasi, to deepen outreach and accessibility.

Presently, the Bank operates 18 branches and 4 mobilization centres across the Western, Western North, Central, and Ashanti Regions.

Also, the Bank seeks to implement additional 100 kW/year renewable energy capacity to reduce our carbon footprint and enhance our ESG profile.

In enhancing the use of technology in Banking, Prof. Damoah indicated, “we are actively exploring practical partnerships in the IT and Fintech space to boost our mobile and agency banking capabilities, thus extending banking services to the unbanked and contributing meaningfully to national financial inclusion efforts.”

Recognizing the role of MSMEs and agribusiness in the economy, the Bank is expanding support to these sectors-targeting interventions that enhance food security, job creation, and economic empowerment of women and the youth.

Final dividend of Ghȼ0.025 per share amounting to Ghȼ6,037,344.00 was paid during the year as well as a final dividend of Ghȼ0.025 per share amounting to GHȼ9,796,578.00 was proposed for the year ending December 31, 2016.

GOIL in 2016 achieved a turnover of Ghȼ2,645,441.00 representing a 26.95 per cent increase over 2015 and a net profit after tax grew from Ghȼ22,211,000.00 in 2015 to Ghȼ35,256,000.00 in 2016 representing 58.73 per cent increase.

GOIL also contributed Ghȼ617,072,000.00; Ghȼ14,742,000.00; and Ghȼ6,037,000.00 as customs, duties and levies, and income tax and dividend payment, respectively.

GOIL achieved 95.8 per cent of its fuel sales target in spite of the tight competition in the industry; and despite a fall of about 5.6 per cent in national consumption of fuel products, GOIL in 2016 fuel sales grew by 9.8 per cent.

Liquefied Petroleum Gas (LPG) sales grew by 30 per cent; Lubricant sales also improved by 11 per cent and GOIL remains the biggest Oil Marketing Company (OMC) with a market share of 18.2 per cent.

“I am delighted to say that GOIL’s asset base has grown by over 500 per cent since the Board of Directors took over in 2009,” Professor William A. Asomaning, out-going Board Chairman, stated at the AGM.

Prof. Asomaning noted that GOIL had started an exercise to revalue its landed properties, plant and machinery to establish the true value of those assets.

He explained that in 2016, the combination of good financial and operating strategies contributed to the tremendous achievement of GOIL.

“This performance was as a result of increase in the number of active retail stations, improvement in service delivery, stringent measures to operate in a safe environment, and improved quality control measures,” he said.

Prof. Asomaning said in 2016, GOIL undertook a rights issue to raise additional capital of GHȼ150,000,000.00 to undertake certain key projects among which are the Takoradi Harbour project, the construction of a bitumen plant and a lubricant blending plant in Tema.

He said GOIL continued to work assiduously to keep employees, contractors and customers safe by focusing on and adhering to safety regulations.

“We have strengthened our safety culture through change management programmes, reinforcing safety rules through display of posters and other capacity building programmes.

“We have efficiently used our fuel analysers to test product quality and resolved complaints and enquiries in a timely manner. This has instilled a high level of customer confidence and satisfaction amongst our stakeholders,” he said.

Mr Peter Kwamena Bartels, the new Board Chairman and a Lawyer, commended Prof. Asomaning for handing over a company in good health.

He said: “We intend to move GOIL to the next level…I assure shareholders that the new Board, under my chairmanship, will continue from where the old Board left off and our members will immediately buy GOIL shares as a commitment to the company”.

Mr Patrick Akpe Kwame Akorli, the GOIL Group Chief Executive Officer, told the Ghana News Agency that GOIL was listed on the Ghana Stock Exchange in 2007 and government currently owned 34.23 per cent of the shares whilst the other 65.77 per cent are owned by individuals and corporate bodies.

Mr Akorli, who is also known as Togbe Adza-Nye IV, Dutorfia of Ziavi in the Volta Region, said with prudent management GOIL had become the largest independent oil marketing company in the country with large distribution network and range of products patronised by industries, organisations and individuals.

“We are not going to rest on our laurels but we will continue to market quality petroleum and other energy products and services in all our branches in an ethical, healthy, safe, environmentally friendly and socially responsible manner.

“GOIL will continue to play a leading role in price setting so as to protect the interest of government in the deregulated environment. We will also continue to play a dominant role in the downstream petroleum industry with the support of patriotic Ghanaian consumers in order to ward off the dominance of hostile multinational companies.

“This is also to avoid an undue hiking of petroleum fuel prices within the country,” Mr Akorli said.

The shareholders applauded the out-going Board of Directors for the great feet achieved and decorated Mr Akorli with a calico for his accomplishment and challenged him to continue with the good works to ensure GOIL remains the number one OMC.