Twifo Rural Bank meets Bank of Ghana minimum stated capital

The Twifo Rural Bank Limited has increased its capital base to GH¢150,000 to meet Bank of Ghana (BOG)’s minimum stated capital requirement for rural and community banks in the country.

Under the BOG’s requirement, community and rural banks which fail to increase their capital base to GH¢150,000 will not be permitted to open agencies and pay dividends to its shareholders.

Mr. Brenya Akosuma, supervising manager of the Twifo Rural bank, disclosed this when the bank disbursed a total loan package of GH¢400,000 to 26 groups of microfinance clients at Praso on Thursday

He advised the groups to be honest and loyal to the Bank by repaying loans on time to enable others to access loans.

He said the Bank was in a deficit of GH¢99, 867 when he took over its administration in 2008 and that his team had worked hard to achieve the feat.

The Bank recorded a profit before tax of GH¢36, 634.00 in 2009.

Source: GNA