• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

RCBs Reiterate Call For Reduction in Corporate Tax

December 16, 2021
Stephen M.Cby Stephen M.C
in Banking
0
RCBs Reiterate Call For Reduction in Corporate Tax

Mrs Comfort Owusu

The Association of Rural Banks Ghana (RCBs) has renewed calls for the government to reconsider a reduction in the corporate tax rate for rural and community banks.

Commenting after climax of the 8th Rural Banking Week Celebration, the Executive Director of the association, Mrs Comfort Owusu, stated that the hike in the corporate tax is suffocating the rural banks and subsequently hampering the bank’s development role in the provision of basic infrastructure, financial and material support to individuals and institutions.

The Executive Director Disclosed that until the passage of the new Income Tax Act 2015, (Act 896) in 2015, rural and community banks were paying eight per cent tax on their annual income, however the passage of the new law saw it increased to 25 percent, a situation she bemoaned.

RelatedPosts

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

CalBank Marks 35 Years of Values-Driven Growth With ‘Red Week’

UBA Ghana Board Chair Wins Top Honour for Financial Stewardship at UBA Ghana

She therefore, charged the government to reconsider a downward revision of the corporate tax rate for the RCBs to enable them to live up to their development responsibilities.

“If government wants rural and community banks to play the role they were set up to play, then government must reverse it to the eight per cent or at most peg it at 15 per cent. This must be done as soon as possible because it is really suffocating us”.

Mrs Comfort Owusu

RCBs Spent More Money on Operational Costs

Mrs Comfort Owusu pointed out that RCBs spent so much money to operate in their catchment areas. She noted those are places that universal banks do not want to go and even if they do, they are only interested in doing business with a certain calibre of customers.

Mrs Owusu averred that RCBs went through very difficult mean, adding that it was more expensive to bring in the unbanked as well as petty traders, and the poor farmers into their banking operations. So, the government should consider these issues and reduce the tax as an incentive to them.

Mrs Owusu mentioned that these developments were compelling most of them to withdraw their community support and increasing their interest rate just to meet their operational cost and be able to pay good dividend to shareholders.

Appeal to lift non-dividend payment directive

Addressing participants in the climax of the week-long celebration, the President of the Association of Rural Banks, Mr Kwame Owusu Sekyere, made an appeal to the Bank of Ghana (BoG) to reverse the non-payment of dividend directive.

He noted that directive by the Central Bank has stalled the increase in the stated capital of some of the RCBs.

The National President thus, made an appeal to the government through the Bank of Ghana to intervene to retrieve locked-up funds of some RCBs with some defunct investment companies, especially with National Trust Holdings Company Limited (NTHC) which is adversely affecting their operational viability and could easily lead to liquidity crunch.

The Head of Other Financial Institutions Supervision Department of the BoG, Mr Yaw Sapong, who delivered the keynote address on behalf of the Governor, said the country’s banking sector made a strong showing in spite of the threats posed by the COVID-19 pandemic.

READ ALSO: Teacher Unions Threaten to Protest over Laptop Project Deductions

Tags: Bank of GhanaRCBs
Please login to join discussion
Previous Post

Chartered Institute of Bankers calls for more balanced-gender institutions in the country

Next Post

World Bank announces $93 billion support for poor countries

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
Extractives/Energy

Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 

July 9, 2025
Strategic Talks Strengthen ECOWAS Vision 2050 Drive
Africa

Strategic Talks Strengthen ECOWAS Vision 2050 Drive

July 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

July 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

July 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

July 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

July 9, 2025
Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
Extractives/Energy

Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 

by Prince AgyapongJuly 9, 2025
Strategic Talks Strengthen ECOWAS Vision 2050 Drive
Africa

Strategic Talks Strengthen ECOWAS Vision 2050 Drive

by Lawrence AnkutseJuly 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

by Esther Korantemaa OffeiJuly 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

by Lawrence AnkutseJuly 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

by Silas Kafui AssemJuly 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

by Comfort AmpomaaJuly 9, 2025
Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
Strategic Talks Strengthen ECOWAS Vision 2050 Drive
Debby Reveals Professionalism Fuels Female Musicians
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Mustapha Gbande, Party, President.
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
[/vc_row_inner]

Recent News

  • Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
  • Strategic Talks Strengthen ECOWAS Vision 2050 Drive
  • Debby Reveals Professionalism Fuels Female Musicians
  • Mass Jail Sentences Deepen Tunisia’s Political Crisis
  • Every NDC Member Is Better Off Today – Gbande
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.