Home Business We’ve Met BoG’s Minimum Capital Requirement-Agave Rural Bank

We’ve Met BoG’s Minimum Capital Requirement-Agave Rural Bank

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By: Tabitha Kugbonu | Voltaonlinegh |

The management of Agave Rural Bank in the South Tongu District of the Volta Region has debunked rumours that it failed to meet Bank of Ghana’s (BoG) minimum capital requirement saying, that could not have been the case.

The rumours in the area suggesting that the Agave Rural Bank could not meet BOG’s minimum capital requirement, thus, creating fear among some customers of the bank, followed a notice issued on August 19 by the Central Bank reminding rural/community banks to meet their minimum capital requirement by 2020 or face sanctions.

The directive was further to Bank of Ghana notice No. BG/GOV/SEC/2015/08 dated July 3, 2015 which announced the revision of minimum capital for rural/community banks and microfinance institutions to GH¢1 million to be complied with by December 31, 2017, and GH¢2 million to be complied with by June 30, 2018, respectively.

But the Director of Agave Rural Bank, John Aheto who spoke to Voltaonlinegh on the issue called on customers of the bank and the general public to disregard such claims because there was no truth in them.

Mr. Aheto assured that the bank met the requirement since 2016 and beyond because in 2016, their capital statement according to Auditor’s Financial Statement, was GH¢1,118,708 while in 2017, their Auditor’s Financial Statement was GH¢1,467,000.

He said “on August 17, 2019, we had our Annual General Meeting discussing Auditor’s Financial Statement and over 500 Stakeholders were present at the meeting.

He added that “during the meeting, our minimum capital requirement increased to GH¢1.5 million indicating that, Agave Rural Bank is eligible to work with its shareholders in the rural center” and therefore called on customers especially, not give such rumours their attention.

Source: www.voltaonlinegh.com

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