The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has announced major reforms to Ghana's rural banking sector, including its transition to community banking and th
The report indicates that the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has announced sweeping reforms to Ghana’s rural banking sector, including its transition to community banking and the introduction of urban community banks, describing the changes as critical to expanding financial inclusion and driving inclusive economic growth.
It further notes that speaking at the Rural Banking@50 Celebration and Transition to Community Banking event held at Bank Square in Accra on Thursday, 16 July, Dr Asiama stated the reforms would ensure that community-based financial institutions continue to meet the evolving financial needs of Ghanaians while adapting to changing economic realities.
He stated the Bank of Ghana has increasingly focused on identifying practical ways of complementing the government’s efforts to reduce poverty through greater access to financial services.
“It is established that if we improve access to finance across the populace, that will help lift people out of poverty. That is why the concept of rural banking, bringing banking to the doorstep of ordinary people, remains so relevant,” he said.
Dr Asiama paid tribute to the late Dr Amon Nikoi, the former Governor of the Bank of Ghana who introduced the rural banking concept in 1976, describing his vision as one that transformed financial services in Ghana.
He also honoured the late Mr Emmanuel Asiedu-Mantey, a former Head of Banking Supervision at the Bank of Ghana, whom he described as one of the strongest advocates of community-based banking.
According to the Governor, Mr Asiedu-Mantey was his first supervisor when he joined the central bank nearly three decades ago and remained deeply committed to strengthening the rural banking model throughout his career.
Dr Asiama indicated that after becoming Second Deputy Governor in 2016, he appointed Mr Asiedu-Mantey to chair a committee tasked with reviewing the rural banking framework and recommending reforms to reposition the sector for future growth.
Although the review was not completed before he left office, Dr Asiama stated he revisited the committee’s recommendations upon his return as Governor and incorporated them into the ongoing reforms of Ghana’s microfinance sector.
He invited participants to observe a minute’s silence in memory of Mr Asiedu-Mantey, who passed away last year.
“Those who deserve honour must be honoured.”
Reflecting on the sector’s history, Dr Asiama recounted the establishment of Ghana’s first rural bank at Nyakrom in the Central Region in 1976, describing it as a landmark moment in the country’s financial development.
Unlike the expansion of commercial banking through branch networks, he explained, the rural banking concept empowered communities to establish and own their own financial institutions.
“Everything else — the 50 years, the 147 institutions today, the eight million customers — all grew out of that one decision in one town in the Central Region.”
