The President of the Association of Community Banks (Upper East Region Chapter), Rev. Fr. Joseph Tabase, has called on all stakeholders and the people of Bongo to purchase more shares in the Bongo Maltaaba Community Bank to strengthen the bank’s capital base.
Speaking to the media on the sidelines of the Bongo Maltaaba Community Bank’s 13th Annual General Meeting (AGM), Rev. Fr. Tabase said the call follows a directive from the Bank of Ghana to all community banks.
The directive requires that, by 31st December 2026, all community banks must have a stated capital of GH₵5,000,000.00 for existing banks and GH₵10,000,000.00 for new entries.In light of this requirement, Rev. Fr. Tabase urged community banks within the chapter to mobilize all available resources to meet the directive.
He added that the Bank of Ghana has indicated that any community bank unable to comply may face merger and other regulatory sanctions.
He therefore advised stakeholders to buy or purchase shares to avoid actions that could lead to sanctions.Rev. Fr. Joseph also noted that the Bank of Ghana directed rural banks to change their names to Community Banks, a process he said is ongoing across Ghana.
He said the Upper East Region Chapter is pleased to announce that all five (5) banks in the region have now been rebranded as community banks, NAARA COMMUNITY BANK PLC,BESSFA COMMUNITY PLC, BUILSA COMMUNITY PLC, TOENDE COMMUNITY BANK PLC,MALTAABA COMMUNITY PLC.
“The Bank of Ghana has directed all community banks to raise a minimum stated capital of GH₵5,000,000.00 by 31st December, 2026, and GH₵10,000,000.00** for new entries. In view of this directive, we urge all community banks in our chapter to mobilize all our resources and avoid any merger or sanctions,” he said.
He added that Boards and Management should develop a strategic share mobilization plan** with various stakeholders to raise the required minimum capital by December 2026.Rev. Fr. Joseph further explained that the Bank of Ghana has also directed that distress banks should merge with stronger banks, transfer distress assets to stronger banks through takeovers, and that directors of distressed banks could be held responsible for depositor funds.
He stated that the Bank of Ghana may also stop the operations of distress banks if necessary.He said that after 31st December 2026, the Bank of Ghana would consider community banks on a bank-by-bank basis if a bank can demonstrate that, within the first quarter, it has a concrete plan to meet the capital requirements.
He emphasized that some community banks provide essential services to their communities, hence the reforms are intended to support their survival.
The Upper East Regional Minister, Mr. Akamugri Donatus Atanga, called on the Maltaaba Community Bank to position itself as a strategic financial partner in driving the development agenda of the region under the Regional Development Plan.
Addressing stakeholders at the Maltaaba Community Bank’s 13th AGM in Bongo, he described community banks as rural-based financial institutions that understand local realities and mobilize local resources.
Source: mywordfmonline.com He said such banks have distinguished themselves as trusted partners for thousands of individuals and businesses through their products and services especially benefiting farmers, women, youth, and artisans by bridging the gap between formal financial institutions and underserved communities.
Source: mywordfmonline.com/Gaspard Adongo Ayuureneeya.