The General Manager of Naara Rural bank, Samuel Namoog says the 25% Corporate Tax collected by government is depleting almost all the profits made by the Rural Banks and need to be reviewed.
He wished that government will take a second look at the 25 percent Corporate Tax by reviewing it downwards to its initial stage (8 percent) to further enhance the profitability of Rural and Community Banks, since they serve as conduit to government for Policy implementation in Rural communities.
“The Banks have chalked many successes, but the Corporate Tax is depleting almost all the profits we make and we wish to appeal to government to take a second look at it by reviewing it downwards further, to enhance the profitability of the Rural and Community Banks, since they serve as conduits for implementing government policies within the rural setup.” He said.
The General Manager made this appealed at the 28th Annual General Meeting of Shareholders of the Naara Rural Bank Limited, where he again, pleaded with Loan defaulters to endeavor to settle their indebtedness.
“…permit me to use this medium to plead with the load defaulters, especially those who happen to be shareholders of the outlet to endeavor to settle their indebtedness, so as to enable others to also benefit from the credit from the bank, thereby increasing the profitability of the institution.” Samuel Namoog pleaded.
Also, the Upper East Regional Minister, Paulina Abayage, who was present at the Meeting, encouraged all shareholders and the general public to acquire shares to enable the Bank to grow.
“I will like to encourage the ARB Apex Bank to continuously step-up supervisory role as a clearing agent and increase shareholders’ confidence in the Rural and Community Banks and discourage panic withdrawals.
I am delighted again that, the Naara Rural Bank has made strides to make profits. This calls for concerted efforts for all shareholders and the general public to acquire shares to enable the Bank to grow.” She said.
The Meeting which was held at the forecourt of the Kassena Nankana Municipal Assembly brought together dignitaries such as the Paramount Chief of Navrongo, Adda Balinia Dennis, the President of the Association of Rural Banks in Upper East Region, Alhaji Sheriff Adams, and other directors of Rural and Community Banks in the Region.
Source: a1radioonline.com / Moses Apiah / Ghana