By: Robert Ayanful.
Community Banks yet to meet Bank of Ghana’s December 31, 2026 deadline to raise a Minimum Capital of GH 5 million Cedis to be able to operate as a bank have called on its mother institution, the Association of Rural Banks Banks (ARB APEX) to, as a matter of urgency, plead with the BoG, to extend the deadline to enable them marshal resources to meet the target.
The directive by the BoG is in line with the ongoing Microfinance Sector Reforms where every Community Bank is to raise a minimum capital of GH 5 million Cedis to be able to stand alone and operate, or risk merging with another bank.
The call was made by the Board Chairman of the Agona Community Bank PLC, Mr. Emmanuel Egyir during its 39th Annual General Meeting at at Agona Kwanyako in the Central Region.
According to him, the Bank has, as at the time of the AGM been able to raise GH 1 million Cedis, and is making frantic efforts to achieve the target, but noted that the December 31 2026 deadline remains a major challenge facing most Community Banks.
However, he disclosed that the Bank has made significant stride in its operations with its Total Assets growing from GH 40,938,182.00 Cedis in the previous year 2024 to GH 51,238,172.00 in the year under review 2025, an increase of 25.16%, whiles its Deposits also grew from GH 36,681,654 Cedis to GH 44,415,331 under the same period, an increase of 21.08%.
Its Short Term Investments is also said to have grown from GH 16,104,969 Cedis to GH 23,330,576 Cedis, an increase of 44.87% and a Profit After Tax of GH 509,129 as against GH 301,743 Cedis the previous year.
The Board Chairman further hinted that the Bank’s Total Loans and Advances also grew from GH 17,356,752 Cedis to GH 18,894,234 Cedis under the same period, an increase of 8.86% with a Minimum Capital Requirement as set by the BoG reaching GH, 1,033,203 as at 31st December, 2025.
Despite these remarkable achievements, the Chief Executive Officer of the Bank, Mr. Phillip Lovemore Amedofu has made a passionate appeal to all its Shareholders to purchase more shares to increase the financial base of the Bank to ensure that attains the BoG target to avoid merger with another bank.