He explained that the company inherited significant financial challenges when the New Patriotic Party assumed office in 2017, including legacy debts from gold trading activities between 2012 and 2016.

These comprised a dollar-denominated debt of around $5 million and a cedi component of approximately GH¢30 million, which had grown to about GH¢81 million by 2024 due to accumulated interest.

“The situation was so dire that the very building housing PMMC, popularly known as Diamond House, was attached in execution by a judgment creditor and put up for auction,” Mr Awuah disclosed. He added that staff salaries and statutory obligations were also in arrears.

Mr Awuah said the company’s turnaround was achieved through “diligent hard work, creative and innovative solutions,” which restored PMMC to financial stability. By the time he handed over in 2025, the dollar component of the legacy debt had been fully cleared, while the cedi component had been ringfenced under a formal settlement arrangement.

PMMC’s performance peaked in 2024, with net profits rising from GH¢10.8 million in 2023 to GH¢178 million. “These figures are confirmed by the company’s audited accounts and the 2024 State Ownership Report,” he said, adding that it would be “factually inaccurate” to suggest the company made losses that year.

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Customer deposits also increased by 106.56 per cent, rising from GH¢332.9 million in 2023 to GH¢687.8million in 2024.

Similarly, shareholders’ funds increased by 93.99 per cent from GH¢28.7 million in 2023 to GH¢55.7 million in 2024, as investments also rose up by 154.96 per cent, increasing from GH¢214.45 million in 2023 to GH¢546.7 million in 2024.

The bank’s share capital increased by 45.81 per cent from GH¢4.49million in 2023 to GH¢6.55million. Loans and advances also grew by 11.27 per cent, increasing from GH¢92.18million in 2023 to GH¢102.57 million.

Board Chair, Ben Kwakye-Adeefe, highlighted the impressive achievements of the bank in the year under review during the bank’s 40th annual general meeting (AGM) in Antoakrom in the Amansie West District of the Ashanti region.

Dividends

The Amansie Rural Bank has obtained prior approval from the Bank of Ghana to pay dividends to the shareholders for the financial year for two successive years.

The bank will make payment of total dividends of GH¢3.37Million; representing GH¢0.075 dividend per share with a total qualifying share of 45million as of November 30, 2024.

It represents a 50% increase in dividend per share over the 2023 dividend pay-out.

“It is partly due to your sacrifices, patience and support offered by the shareholders during the past years to enable the board and management to use retained profits from those years to develop the bank for future gains,” said the Board Chair.

On corporate social responsibility, Mr Kwakye-Adeefe said the bank spent a total of GH¢1.05million in 2024, representing 151 per cent increase over the previous year, to undertake several projects including the completion of the Amansie Community Centre in Antoakrom.

Admirable resilience and innovation

Managing Director of the ARB Apex Bank PLC, Alex Awuah, in a speech read on his behalf, said the Amansie Bank demonstrated admirable resilience, innovation and financial discipline despite the economic uncertainties and prevailing challenges on the financial sector.

He noted that the bank’s performance in the year under review was not just numbers but a reflection of prudent management, growing customer confidence and a strong governance that is steadily driving the bank towards long-term sustainability.

Mr. Awuah commended the Board of Directors for providing strategic leadership and management for their operational efficiency and integrity.

“Your performance is not only a source of pride for your shareholders but also an encouragement to the entire rural banking sector,” he said.

The people and local traditional council led by the Chief of Antoakrom, Nana Okyere Darko Ampem II, lauded the bank for its contribution to the growth of the local economy in the area and other interventions by the bank geared towards the growth of communities within its catchment areas.

Source: Emmanuel Bright Quaicoe

This comes after the Bank recorded a profit before tax of over 24.5 million cedis from 4.7 million cedis recorded in 2023, representing a 420 percent increase in profit.

Speaking at the 32nd Annual General Meeting of the Bank, Board Chairperson, Dr. Alexander Adomako-Mensah attributed the gains to an increased deposit mobilization drive.

“The bank recorded strong financial results for the year, which were attributable to aggressive deposit mobilization,” he said.

The Bank’s deposits grew by 45 percent, driven by improved products and services introduced by the management.

For the performance, an amount of Gh¢900,590 was paid as dividends to the shareholders.

Dr. Adomako-Mensah added, “I know we have long awaited for the payment of dividends, but the wait is over.”

In the year under review, total revenue grew by 63.64% from Gh¢42.7 million in 2023 to close at Gh¢69.9 million in 2024.

The deposits stood at Gh¢255 million by the close of 2024.

The Bank’s balance sheet remained strong, with a total asset base of Gh¢401,868,562 compared to Gh¢263,406,559 in 2023, indicating a growth of 52.57%.

The Bank announced an expenditure growth of 19.44%.

Capital Injection and Future Outlook

In 2022, the Bank set a target to increase capital by Gh¢5.1 million in three years. By the close of the 2024 financial year, over Gh¢1.7 million was recorded in new shares purchased.

The Board of the Bank is calling on its shareholders to invest in more shares to meet the remaining capital requirement of Gh¢3.3 million.

The Bank targets to be counted among the top five Rural and Community Banks in the country.

To achieve this, the Board, through Management, is embarking on aggressive deposit mobilization by developing new products and services and strategies to maintain the growth of the Bank’s deposit and total assets.

The Bank is also adopting effective measures in managing credit and other operational risks, which will result in the reduction of non-performing loans and assets, while ensuring equitable distribution of assets by granting quality loans and investing in low-risk investment sectors to maximize profitability.

The Bank is bent on leveraging technology to stay profitable.

Source: Nana Yaw Gyimah

This exceeds the record £648.4m posted last month by Manchester United and is a £99.8m rise on the previous year.

City’s profit of £80.4m is up from last year’s club record of £41.7m.

The figures come on the back of a season in which they became the second English club after Manchester United in 1999 to win the Treble of Premier League, FA Cup and Champions League.

The revenue is less than the €990m (£861.43m) Barcelona recorded in 2019, although the validity of this has been challenged due to the ‘exceptional’ sums that were added to the overall revenue figure.

“In the aftermath of the Champions League win in Turkey and the completion of ‘The Treble’ the question I was asked most often, was ‘How do you top that?’,” said City chairman Khaldoon al-Mubarak.

“The answer is by doubling down on the proven philosophies and practices that have brought us this success and to challenge ourselves to continue to constantly innovate in order to achieve new levels of performance, on and off the field.

“We will continue to question all the industry norms, evaluate our successes and learn from any failures.

“Success today simply means further investment for tomorrow. Our financial health and on-field success mean everyone connected to Manchester City can look forward to the future with excitement.

“Our collective achievements give me huge confidence that together we can accomplish even more in the years to come.”

The club’s financial statement reveals increases in all major revenue streams. Broadcast revenues increased 20.2% to £299.4m. City say this was “primarily” due to their success in the Champions League and FA Cup.

It also confirms on 6 February 2023, City were referred to a commission for a “number of alleged breaches of Premier League rules”. The club repeated its statement in response that it “welcomes” the review and that it has “irrefutable evidence” to support its position.

City’s wage bill rose by almost £70m to £422.89m and the club is committed to in excess of £262m in “transfer fees, signing on fees and loyalty bonuses” if set conditions are met.

The club made £121.7m profit on player trading in the financial year of 2022-23 and says total transfers conducted after 30 June 2023, which included the arrivals of Jeremy Doku, Mateo Kovacic, Josko Gvardiol and Matheus Nunes, plus the departures of Cole Palmer, Riyad Mahrez, Aymeric Laporte and James Trafford cost the club approximately £84m.