A board member of Kwamanman Rural Bank Limited at Kwaman in the Ashanti Region, Mr. Newman Dapaah, has assured the new Managing Director of ARB Apex Bank Limited, Mr. Kojo Mattah, of support for him and his colleague directors to pursue his agenda of transforming rural and community banks as well as the ARB Apex Bank.
The ARB Apex Bank together with the over one hundred and forty rural and community banks across the country held its annual two-day managers conference in Ho, the capital of the Volta region at Volta Serene Hotel from 13th to 14th October, 2017 on the theme “MAKING GREATER IMPACT IN THE RURAL BANKING INDUSTRY THROUGH INNOVATION AND COLLABORATION FOR SUSTAINABLE GROWTH”.
Until September 1, 2015, when the Ghana Revenue Authority (GRA) announced the new Income Tax Act 2015, (Act 896), the Rural and Community Banks (RCBs) were paying eight percent tax on their annual income, which was increased to 25 percent.
The total assets of the Avenor Rural Bank has increased to GH¢11,311,838 in 2015, rising 29.14 per cent from GH¢8,759,087 in 2014. Its total investments also jumped 50.98 per cent from GH¢2,640,272 to GH¢3,986,226, thus improving its liquidity and reserve requirements, within a general performance outlook described by the ARB Apex Bank as "very impressive".