Gandawi Chiefs buy shares worth 3,500 cedis to cushion Sissala Rural Bank recapitalization campaign


Date: February 12, 2020

The Paramount Chief and Divisional Chiefs of Gandawi Traditional area have jointly bought shares worth 3,500 cedis as part of their commitment to recapitalize the Sissala Rural Bank to cushion it to meet the 1 million capital requirement by the Bank of Ghana.


Chief of Silbelle, Kuoro Kazia Navei III speaking to Radford news has said following an appeal by the Sissala Rural Bank to them in the recapitalization campaign they saw it imperative upon them to buy shares to cushion “our own” to avoid losing it to another branch outside the Sissala area. “We [the chiefs] have seen that it is right for us to lose our name after the bank… and if we happen to lose it to another what ways are we going to follow to enjoy its services again? So because everybody is doing it, even if you do not have much but do something within your capacity in this course”

He also disclosed that having had an indoor meeting with the Paramount Chief of Gandawi Traditional Area, Kuoro Osman Dewia Nankpa III, initially, 8 communities under the Gandawi Traditional Area were asked to contribute 500 cedis each while 1, Pulima contributes 1,000 cedis to raise about 5,000 cedis to buy the shares to support in the 1 million recapitalization drive, but 3,500 cedis was raised out of the planned amount. Silbelle Kuoro, Kuoro Kazia Navei III has, however, said as soon as the rest of the amount is generated they would come back to buy more shares of the rural bank.


Meanwhile, Chief of Bouti Niarabra Mahammudu has said the bank solely belongs to the Sissala people and has asked that the recapitalization should be supported by all.


Also, the Chief of Kandia, Kuoro Bamula Basinjia Chiemina III while appealing to all Sissalas not to let shame befallen them should the bank be merged or swallowed by February 28, 2020, has cautioned of the many benefits and advantages likely to elude Sissalas if they lose ownership of the rural bank to other people.

A board member of Sissala Rural Bank, Mr. Godfred Bavari Kanton while profusely thanking the Gandawi Chiefs has dismissed perceptions that the bank runs –out of capital to operate and explained that the bank, just like all other Rural Banks nationwide, has only been ordained by the Bank of Ghana to raise its capital base to 1 million Ghana cedis which only meant that the order falls on the owners of the bank. Additionally, Mr. Godfred Bavari Kanton has urged other Traditional Councils and Chiefs as well as everybody to take a cue from this kind of leadership to recapitalize their bank before the February 28, 2020 deadline.

Godfred Bavari Kanton (Left), Hakeem Abdulai Kaana (Middle) and Razark Luriwie Kanton (Right)

Meanwhile, the Accountant of Sissala Rural Bank, Mr. Razark Luriwie Kanton has disclosed that since starting the campaign, there has been a positive response and added that the capital base has increased significantly but yet to meet the 1 million cedis threshold.

Also, an Auditor of the bank, Mr. Hakeem Abdulai Kanaa has urged the youth to eschew the mindset that ownership and contribution towards the recapitalization drive fall only on the shoulders of the elderly, and has therefore called on them to also come on board to buy shares.

Araphat Dimah

Araphat is a broadcaster, reporter, news anchor and producer. He likes browsing and exploring, debating and listening to music.

Leave a Reply