The Chief Executive Officer of Amantin and Kasei Community Bank in the Bono East Region, Michael Osae, has appealed to the government to review the corporate tax regime for rural and community banks, stressing that the current 30% tax rate is too burdensome.

Speaking at the bank’s 2024 Annual General Meeting (AGM) in Amantin, Mr. Osae explained that the high tax rate, coupled with elevated interest rates, makes it difficult for many customers to repay their loans, thereby affecting the bank’s ability to deliver on its mandate of supporting local communities.

“The 30% corporate tax is too high for rural and community banks.

Reducing this burden will enable us to operate more effectively and expand support to our communities,” he said.

Despite these constraints, Mr. Osae revealed that the bank recorded significant growth in 2024, achieving a 200% increase in profit and an 80% rise in assets and loans.

He commended the bank’s board and management for their dedication and resilience in steering the institution through a difficult economic environment.

The Bono East Regional Minister, Francis Owusu Antwi, who graced the AGM, praised the management and staff of the bank for their commitment and professionalism.

He also urged customers to honour their loan obligations to ensure the bank remains strong enough to extend credit to other clients.