Government urged to review Policy on Tax-before-Profit to help Rural Banks

The Board Chairman of Nafana Rural Bank, Essieh Pascal has urged the government to as a matter of urgency consider reviewing its policy on tax-before-profit to enable rural banks recover from the implications of the covid-19 pandemic.

The Board Chair made this passionate appeal during the 17th and 18th Annual General Meeting (AGM) of the Nafana Rural Bank Limited held recently at the headquarters of the Bank in Sampa, the capital of the Jaman North District.

Essieh Pascal observed that, Rural Banks in the country are currently facing a lot of crises due to the covid-19 pandemic that hit the country’s economy about two years ago.

“The major challenges of Banks today are the corporate tax which was increased from 8% to 25% in 2016 hence the need for government to reconsider the decision to introduce another tax before profit since it can lead to the collapse of a number of institutions struggling to be on their feet after the covid-19,” he stated.

The Board Chair who was passionate about the situation emphasized that, delinquent loans are tremendously affecting the bank and so loan defaulters must do well to settle loans granted them by the bank as a matter of urgency to ensure the successful operation of the Bank.

On his part, the General Manager of Nafana Rural Bank Limited, Sie Kwaku Samuel hinted on major products and activities of the Bank that has raised it to this level.

“The deposits rate of the Bank has increased, customers satisfaction has been their prime concern since the establishment of the Bank, and also see to it that loans are granted to farmers and petty traders hence the need for all to transact business with Nafana Rural Bank to ensure a brighter future” he stated.

Source: William Dei Gyau