The Bank of Ghana has raised the capital requirements for rural and community banks from GHȼ150,000 to GHȼ1 million (131 millions $ ) .
This comes as part of the transitional arrangements for all licenced rural and community banks which started in December 2015 and end in December 2017.
Bank of Ghana’s Director and Head of other financial institutions, Mr. Raymond Amanfu, has urged the affected banks to find more innovative ways to mobilize more shares, to not only aid them to undertake “big-ticket transactions”, but to also serve as capital cushion to absorb unexpected losses in their business.
He was addressing shareholders at the annual general meeting of the Asokore Rural Bank in Sekyere District, and applauded them for their contribution in improving rural economies and transforming the lives of people in the rural areas.
The minimum paid-up capital requirement for obtaining a rural/community banking licence is now GH¢1,000,000 for new applicants or entrants into the industry.