Atwima Kwanwoma Rural Bank Cut Down CSR Projects

The Atwima Kwanwoma Rural Bank has announced it is cutting down on the number of its corporate social responsibility projects in the bank's catchment.

Board Chairman, Patrick Owusu attributes the cut to astronomical increase in Corporate Tax from 8 to 25 per cent by the Finance Ministry.

He says the bank continue to turn down several appeals for support on education,, health, among others from communities because of this tax increment.

"As for the appeals, they come in their numbers but as I said, by all means we cannot meet everyone because of budgetary constraints.

The face of banking is changing. You need to make sure your solvency is high so we have no option but to reduce the level at which we can offer these CSR[corporate social responsibility]projects," he revealed.

The ARB Apex Bank, the mother company of community and rural banks was first to made the appeal to government to review Corporate Tax.

It feared the increment could stifle corporate social responsibility programs of the banks.

Mr. Owusu says until government review the Corporate Tax down, the bank is unable to reach out to many communities through social intervention projects especially on education.

"On the average, there is five appeals for support at every month. Anytime we go for board meeting, the correspondence is mainly appeal for this; appeal for that from the various communities within which we operate. Moving the rural banks from 8 % to 25 % just as I have said is too much if we can reduce it and even graduate us gradually will not come as a shock to us."

Mr. Owusu made the call when the bank presented sets of office furniture and chair at a cost of eight thousand Ghana cedis to the Old Tafo Traditional Council.

He hopes favourable response will come from government as the ARB Apex Bank and mother association pushes for downward review of the tax following a meeting with Finance Ministry and the Ghana Revenue Authority.

Old Tafo Gyaasehene, Nana Kwame Kumi the second who received the items on behalf of the traditional council also appealed to government to take a second look at the tax.

He commended the Atwima Kwanwoma Rural Bank for the support, adding, it will go a long way to affect the work of the council positively.