Manya Krobo Rural Bank, based in Abanse in the Eastern Region, has been reclassified as a community bank as part of national financial sector reforms aimed at strengthening regulation and capitalisation.
The reform brings rural and community banks, savings and loans companies, microfinance, and microcredit institutions, as well as credit unions under a harmonised regulatory framework supervised by the Apex Bank.
Speaking to the Ghana News Agency, Chief Executive Officer of the bank, Mr Godfred Asante Hanson, said the changes involved both a new classification and higher capital requirements.
“All rural banks will now be called community banks, and this also comes with an increase in minimum capital,” he said.
Mr Hanson said the previous GH¢1 million capital requirement for rural banks had risen to GH¢5 million for existing community banks.
He said Manya Krobo Community Bank had met and exceeded the new threshold.
The reforms, he said, were designed to strengthen the sector and improve competitiveness, noting that new entrants would now require a minimum capital of GH¢10 million.
Mr Hanson said all rural banks must formally adopt the community bank name by March 31, 2026 (last month), with transitional processes, including legal changes, customer communication, and rebranding, continuing through December.
He noted that only financially distressed institutions were likely to struggle.
“In almost a year and a half, we have doubled our balance sheet, which positions us to expand,” he said.
Mr Hanson stated that the bank planned to widen its operations beyond its traditional catchment area, assuring customers of improved services and broader outreach.
“The stronger the bank becomes, the more communities it can serve,” he added.
Source: GNA
