The Brong Ahafo Regional Chapter President of the Association of Community Banks Ghana, Mr. Franklin Adjei Tannor, has urged borrowers to repay loans on schedule to support the smooth operation and sustainability of financial institutions.
Speaking at the 44th Annual General Meeting of Wamfie Community Bank PLC in Wamfie in the Bono Region, Mr. Tannor acknowledged that some individuals, business owners, associations, and trustees fail to repay loans granted to them by financial institutions.
According to him, such defaults negatively affect banking operations and reduce the ability of banks to provide financial support to other customers and businesses.
He therefore appealed to borrowers to honour their loan repayment obligations to help strengthen the banking sector and ensure continuous access to credit for economic development.
Meanwhile, the Vice Chairman of the Board of Directors of Wamfie Community Bank PLC and Sanaahene to the Dormaa Ahenkro Akyeamehene, Nana Owusu Kumi Achew, highlighted the benefits of converting rural banks into community banks.
He explained that the transformation removes restrictions that previously limited banking operations to rural communities and villages. Under new reforms and regulations introduced by the Bank of Ghana, community banks can expand their operations into urban centres such as Accra, Tema, and Takoradi, provided they possess the required financial capacity.
Nana Achew further noted that the Bank of Ghana’s decision to increase the minimum stated capital requirement from GH¢1 million to GH¢5 million would strengthen the financial position of community banks and enhance their ability to serve customers effectively.
He also encouraged shareholders to increase their investments in the bank to support its growth and long-term financial success.
The Sunyani Regional Manager of ARB Apex Bank, Ms. Suzan Boateng, commended the board, management, staff, shareholders, customers, and stakeholders of Wamfie Community Bank for their commitment and contribution to the institution’s growth.
She stated that strong performance indicators and customer confidence demonstrate the trust people have in the bank and urged stakeholders to continue working hard towards improving the financial well-being of their members and communities.
The annual meeting provided an opportunity for stakeholders to review the bank’s performance and discuss strategies for sustaining growth and expanding financial services across the country.
