Gomoa Rural Bank to opt out of merger

Shareholders of Gomoa Rural Bank at Apam have resolved to opt out of the proposed merger with two other banks because its current stated capital meets the requirement of Bank of Ghana directives.

The two are Gomoa Ajumako Rural Bank at Gomoa Afransi and Eastern Gomoa Assin Rural Bank at Gomoa Dominase.

According to Management of the bank, due to prudent and pragmatic measures put in place, it could now meet the Bank of Ghana's directives for Rural and Community Banks to increase their capital to 350,000 Ghana Cedis.

The decision was taken at an extraordinary shareholders’ meeting at Apam attended by 176 members.

According to Bank of Ghana, community and Rural Banks whose capitals are not up to 350,000 Ghana Cedis should merge with others to build a strong capital base for effective operation.

According to the shareholders, the “merger, currently on trial basis is a drain on the resources of Gomoa Rural Bank and therefore not in their interest”. They stated that the bank’s financial position was viable, could operate on its own and appealed to the Bank of Ghana to nullify the proposed merger.

The meeting unanimously elected Mr James Amoah, a retired director of Audit as the Interim President of the Shareholders’ Association of the Bank.