The Kwamanman Rural Bank has inaugurated its Head Office building at Kwamang in the Sekyere Central District, pledging to give strong support to small-scale and medium enterprises (SMEs). Mr. John Brefo, the Board Chairman, said it was eager to assist grow businesses in the area to boost the economies of the local communities, to make life better for the people.
He, however, reminded loan beneficiaries to pay back on schedule, to enable the bank offer credit to more people to expand their economic activities. He also spoke of the determination of the bank’s management to ensure good customer service and roll out more products to encourage everybody to adopt the saving culture.
The Board Chairman gave the assurance that it would continue to live up to its corporate social responsibility by providing assistance to the communities in the areas education and health development.
He used the occasion to rally the shareholders to increase their shares in order to meet the minimum capital requirement set by the Bank of Ghana. The threshold for Community and Rural Banks, effective December, this is GHC1,000,000.00. Mr. Brefo said the bank’s paid up capital stood at a little over GHC500,000.00, a situation he described as unhealthy.
He added that they needed to move quickly to meet the capital adequacy ratio rate to enhance its financial sustainability. Dr. Akowua Boamah, National President of the Association of Rural Banks advised the banks to go to every length to satisfy the new minimum capital requirement.