Rural Banks contribute immensely in the development of the nation via social responsibilities and other chores to the betterment of community members not expunging giving support to the country’s financial sector.
Previously, Rural banks in Ghana were paying 8% tax to the government as their share to develop the whole nation.
Since 2016, the 8% tax has jumped to 25% representing over 200% increment to their payment.
This according to Rural Banks is causing mayhem in the sector. Some managers in the rural banking sector have described the increase as too high to bear.
One of the formidable Rural Banks in Ghana, AMANSIE WEST RURAL BANKS has complained about the development.
In an exclusive interview with the Manager, Mr. Mills Opoku Boateng lamented that, the move from 8% to 25% has become an obstacle on some rural banks resulting into their collapse.
Mr. Mills Opoku disclosed that, it highly drains their capital.
He’s therefore appealing to the government of Nana Addo Dankwa Akuffo Addo to as a matter of urgency reduce the 25% tax on Rural Banks to 10%.
” 8% tax increment to 25% is unbearable. We’re appealing to the government especially Bank of Ghana (BoG) to reduce it to 10% so that we can earn more” he entreated the Government, BoG.
Touching on the Banking Sector cleaning up by the government via BoG and SEC, Mills Opoku Boateng accepted that, it impacted negatively on rural banks. He asserted that, false allegations were spread about rural banks over possible clean up by BoG and Security and Exchange Commission (SEC) which was untrue.
The Manager for the Amansie West Rural Bank revealed that, the rumour frightened their customers and service slowed down.
With all these brouhaha in the banking sector, Mr. Mills uncovered that, Amansie West Rural Bank has crossed Bank of Ghana requirement for rural banks.
He said, “we have over 3million. Which is 3x BoG requirement”
He used the opportunity to call on their shareholders to buy more shares. He said Amansie West Rural Bank is open for any individual to own a share.
Not sleeping on their social responsibilities, Mills Boateng elaborated on numerous projects carried out by the bank and support the people and communities.
He revealed that the bank is erecting new ultra modern branch at Datano all in the interest of the people to get closer and work with them.
On transparency, Mr. Opoku Boateng indicated, ” organise stakeholders forum twice in every year to brief our customers about the ups and downs of the bank”.
Finally, he encouraged Amansie Rural Bank for everyone describing their foundation as ‘SOLID’.
“Work with us and you’ll never regret”, he urged public.