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BUCO Bank holds 19th annual General meeting

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The Builsa Community Bank in Sandema in the Builsa North District of the Upper East Region had its total assets increased by 17.46 percent to 30.51 million Ghana cedis in 2018 from 25.98 million Ghana cedis the previous year.

An amount of 895, 848 Ghana cedis was recorded at the end of the year 2018 which is an increase of 27.48 percent from the amount of 702,727 Ghana cedis recorded the previous year.

The Bank also ended the 2018 year under review with a stated capital of 1.54 million Ghana cedis which exceeded the mandatory minimum capital requirement of one million Ghana cedis announced by the Bank of Ghana.

The Chairperson of the Builsa Community Bank, Mrs. Akanbangbiem Agamu Asokea, made the disclosure at the 19th annual general meeting of the Bank.

Established over 20 years ago, the Builsa Community Bank Limited, Bucobank, has never recorded losses and has also supported sectors including education, health, agriculture, festivals, security services and infrastructure.

The Bucobank in the Builsa Traditional Area is currently the only financial institution that has braved the odds to remain viable in a deprived district considered a “no go area” for some financial institutions.

It was observed that the 25 percent corporate tax levied on the profit of the Rural Banks across the country was impacting negatively on their activities.

According to the speakers at the annual general meeting, the corporate Tax is gradually killing the Rural Banks because 1/4th of the little profits declared by the Rural Banks which would have been ploughed back into operations to meet the capitalization requirement as well as to finance other expansion projects of the Banks are being paid to government.

Addressing the gathering, the Board Chairperson of the Builsa Community Bank, Mrs. Akanbangbiem Agamu Asokea, said Cortporate social responsibility remains a key component of the Banks operations.

The Upper East Regional Manager of ARB APEX Bank, Zinzendorf Pascal Nkulenu, said the recent banking crisis is a wake-up call for all banks to strengthen their corporate governance structures.

The Builsa North District Chief Executive, David Amoabil Afoko, emphasized that Rural Banks are key partners in the implementation of the government’s flagship programs.

The management of the Builsa Community Bank therefore pledged to participate and support government programs such as the One-District-One-Factory, (1D1F), One-Village-One-Dam, (1D1D), Planting for Food and Jobs, LEAP and the Biometric Payment System in the years ahead.

Story filed by Samuel Ayammah

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