For years, John Akanbelum kept his business money in his room. The drinking spot owner in Sirigu in the Upper East Region said the practice made it difficult to protect his savings and, at times, left him without enough money to restock his business.
“Sometimes you go out and come, some of the money is not there. Because you keep the money down before you realise, you don’t know where the money is,” he said.
John now keeps his money in a bank and has also started buying shares.
“I bought some shares, which helped me keep my money there to help the bank run their business and also help myself in terms of saving my money for a future purpose,” he said.
His decision comes as Naara Community Bank PLC seeks to raise its stated capital to GH¢15 million, three times the new minimum capital requirement for existing Community Banks.
The bank announced the target at its 35th Annual General Meeting in Navrongo as it encouraged shareholders to increase their investments through the purchase of additional shares. Under the Bank of Ghana’s revised framework, existing Community Banks are required to raise their minimum capital to GH¢5 million by December 31, 2026, while new urban Community Banks require GH¢10 million.
Vice Chairman of the Board, Dr David Azupogo, said the higher target was aimed at building a stronger institution capable of supporting business growth and creating value for shareholders.
“Rather than merely meeting the regulatory minimum, we have set an ambitious target of increasing the Bank’s stated capital to GH¢15 million by the stipulated deadline,” he said.
For 30-year-old teacher Ayi Awelana Nancy, becoming a shareholder was influenced by her father’s experience.
“Over the years I was not having shares with them, but my dad bought shares from them and yearly we get dividends out of the shares that he bought,” she said.
That experience encouraged her to invest in the bank.
“When you buy the shares with your money, they do business with the money. And at the end of the year you get profit on top of what you have used to buy the shares,” she said.
For Naara, such investments provide both an ownership opportunity for customers and additional capital for the bank. Chief Executive Officer Abraham Musah said the bank’s capitalisation drive was linked to its role in financing businesses within its communities.
“As a community bank, our purpose of existence is to ensure that we are able to serve our clients, our customers within the communities that we operate,” he said.
He said the bank supports small businesses, individuals and other enterprises in its operational areas.
According to Mr Musah, Naara’s credit portfolio increased from GH¢64 million to about GH¢87 million at the end of 2025, with management targeting GH¢120 million in 2026.
Deposits also increased from GH¢128 million to GH¢164 million, while total assets grew from GH¢132 million to GH¢178 million.
Profitability, he said, rose from about GH¢4 million to more than GH¢6 million.
Mr Musah said the bank wanted to ensure that deposits mobilised from communities were used to support economic activity rather than being placed solely in investments.
“We as a bank, our quest is to ensure that the people within the local community are properly served,” he said.
Source: Bolgafmonline.com |102.7 MHz| Nvarongo
