Abanse: 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.
According to Ghana News Agency, the reform includes 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. Chief Executive Officer of the bank, Mr Godfred Asante Hanson, stated that the changes involve 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 explained that the previous GHS1 million capital requirement for rural banks had risen to GHS5 million for existing community banks. He mentioned that Manya Krobo Community Bank had met and exceeded the new threshold. The reforms were designed to strengthen the sector and improve competitiveness, with new entrants now requiring a minimum capital of GHS10 million.
Mr Hanson noted that all rural banks must formally adopt the community bank name by March 31, 2026, with transitional processes, including legal changes, customer communication, and rebranding, continuing through December. He mentioned that only financially distressed institutions were likely to face challenges.
"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.