The 12th Annual General Meeting (AGM) of Maltaaba Community Bank Limited, held on May 17, 2025, in Bongo, Upper East Region, served as a testament to the bank’s robust growth and commitment to community development. The meeting provided a comprehensive review of the bank’s performance in 2024, highlighting significant financial achievements and outlining strategic initiatives for the future. Established in 2003 and commencing operations in 2009, the bank operates under the regulatory framework of ARB Apex Bank Limited and the Bank of Ghana, connecting with a vast network of rural banks across the nation. This interconnectedness enables Maltaaba Community Bank to provide a diverse range of financial services, contributing significantly to the financial inclusion and economic empowerment of the local communities it serves.
The AGM commenced with the formal reading of the convening notice by Mr. Duke Awinsure Anabah ESQ, the bank’s secretary, followed by the presentation of the Directors’ and Chairman’s reports by Mr. Francis Atintono. These reports detailed the bank’s operational activities and highlighted the impressive financial results achieved in 2024. A key takeaway was the remarkable 89% expansion of the bank’s balance sheet, reaching GH₵53.5 million. This growth was fueled by a substantial increase in deposits, which rose by 95% to GH₵48 million, and a 55% increase in shareholders’ funds, paid-up capital, and retained earnings. This demonstrates the increasing trust and confidence placed in the bank by both depositors and investors.
Despite facing economic headwinds that impacted loan growth, which saw a moderate 16% increase to GH₵6.7 million, the bank demonstrated agility by significantly increasing its investments. Investment grew by an impressive 107%, reaching GH₵31.3 million, indicating the bank’s strategic allocation of resources for future growth and stability. Profitability also soared, with profit before tax reaching GH₵1.4 million, a remarkable 172% increase, driven by an 84% rise in gross income to GH₵6.3 million and a managed 68% increase in total expenses to GH₵4.9 million. These figures reflect the bank’s efficient operational management and its ability to generate strong returns despite external challenges.
The financial statements, which were meticulously reviewed and subsequently adopted by the shareholders, underscored the bank’s commitment to transparency and robust governance. Further clarifying insights and analysis were provided by board members and external auditors, assuring stakeholders of the accuracy and reliability of the presented financial data. The transparency demonstrated in the presentation and approval of the financial statements reinforces the bank’s commitment to maintaining high ethical standards and building long-term trust with its stakeholders.
The AGM was further distinguished by the presence of prominent figures from the financial and governance sectors. Madam Mabel Domppielle, Manageress of ARB Apex Bank, lauded the bank’s performance and provided valuable context on broader trends within the rural banking landscape. Rev. Joseph Tabase, Upper East Regional Administrator for Rural Banks, underscored the importance of collaborative efforts and the strategic role rural banks play in fostering local economic development. Their presence and insights added weight to the significance of Maltaaba Community Bank’s achievements and its vital role within the regional financial ecosystem.
The Bongo District Chief Executive, represented by Mr. Mumuni Abdulai of the Environmental Health Unit, addressed the critical issue of climate change and its impact on the community. He urged the bank to consider implementing a discounted loan facility specifically designed for the construction of resilient household latrines. This initiative was highlighted as a crucial step towards improving public health and sanitation, demonstrating the bank’s potential to contribute directly to community well-being. Mr. Abdulai also highlighted the government’s commitment, under President John Dramani Mahama, to macroeconomic stability and improved access to affordable loans. He cited the recent appreciation of the Ghanaian Cedi as a positive sign of economic recovery and encouraged public support for the government’s agenda.
The formal opening of the 12th AGM by Mr. Abdulai symbolized the strong partnership between Maltaaba Community Bank and local authorities. The meeting also provided an opportunity to recognize the dedicated service of three outgoing board members: Mr. Peter Agaga, who served two terms as board chairman, and Mr. Giba Abraham and Mr. Akama John, who each served for nine years. They were presented with citations acknowledging their invaluable contributions to the bank’s growth and success. This recognition underscores the bank’s appreciation for long-term commitment and the vital role played by its board members in shaping its direction and ensuring its sustained growth.
Strategically located in Bongo, Maltaaba Community Bank continues to serve as a vital engine for socio-economic development within the district and the broader Upper East Region. The discussions and outcomes of the AGM reinforced the bank’s dedication to providing responsive and tailored financial services, fostering sustainable development, and adapting to the evolving needs of the communities it serves. The proposed introduction of the discounted loan facility for climate-resilient household latrines exemplifies the bank’s proactive and innovative approach to tackling local challenges through inclusive financial solutions. This initiative showcases the bank’s commitment to not only financial growth but also to the overall well-being and resilience of the communities it serves.
