Assemblies of God Ghana Clears Headquarters Loan, Slashes Overdraft by GH¢3.2m

Assemblies of God Ghana has fully settled the Ecobank facility that was used to finance the construction of its headquarters, while significantly reducing its bank overdraft by about GH¢3.2 million, according to the church’s 2026 financial report.

The church disclosed that the Ecobank facility was completely repaid ahead of schedule in July 2024, relieving the organisation of a major financial obligation.

The Greater Accra East and Greater Accra West regions of the church have also cleared their indebtedness to CalBank arising from the acquisition of a retreat centre at Shai Hills.

General Superintendent of Assemblies of God Ghana, Rev. Stephen Wengam, said settling the headquarters mortgage had eased a significant financial burden on the General Council and the church’s local congregations.

According to him, the mortgage previously required the church to make monthly payments of approximately GH¢800,000.

He described the repayment as an important development for the church, given the scale of the financial commitment involved.

The church’s audited accounts further show a sharp decline in its bank overdraft.

The overdraft dropped from GH¢3.45 million in 2024 to GH¢244,921 in 2025, representing a reduction of about GH¢3.2 million, or roughly 93 per cent.

Long-term loans also declined substantially during the period, falling from GH¢9.4 million in 2024 to GH¢4.99 million in 2025.

However, the church continues to carry some long-term financial obligations. These include GH¢1.16 million owed to Ecobank and GH¢3.57 million owed to Prudential Bank through facilities obtained on behalf of Prime Insurance for working capital.

Rev. Wengam also reported significant growth in the organisation’s finances, saying the church had recorded what he described as 200 per cent financial growth between 2024 and 2026.

“Between 2024 and 2026, we have experienced 200% financial growth,” he said while presenting comparative figures from the church’s audited accounts.

The 2025 financial statements indicate that the church’s total assets increased from GH¢66.5 million in 2024 to GH¢67.2 million in 2025.

Property, plant and equipment recorded a more notable increase, rising from GH¢35.6 million to GH¢42.1 million over the same period.

The improvement in the church’s financial position has also been accompanied by efforts to ensure that funds are transferred to its regions and districts on time.

According to the Treasurer’s report, however, the General Council still has several financial commitments to meet, including support for some agencies and departments.

The church is also preparing for the Centenary City project, while outstanding regional levies stood at approximately GH¢1.75 million as of April 30, 2026.

Assemblies of God Ghana said all returns due to regions that had submitted their manual returns had been paid up to June 2026, with payments for July being processed.

The financial disclosures are part of reports being presented at the 32nd Biennial General Council Meeting of Assemblies of God Ghana.

The meeting is being held from August 18 to 22, 2026, at the Pentecost Convention Centre at Gomoa Fetteh.

Source: Citi Newsroom