BoG To Introduce Community Banks Nationwide

Dr. Johnson Asiama

 

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has stated that the introduction of Community Banks across the country will improve access to finance for artisans as well as small and medium-sized enterprises (SMEs).

Speaking at the commemoration of 50 years of rural banking at the Bank Square in Accra, Dr. Asiama said that although mobile money, fintech and digital financial services have significantly increased financial inclusion, many small businesses and individuals still do not benefit from financing opportunities.

He said, “Access is not the same as service. Financial services should reach the trader, the artisan and the small business in every community.”

According to Dr. Asiama, Ghanaians should not be surprised to see institutions such as East Legon Community Bank, Cantonments Community Bank and Airport Hills Community Bank in the near future.

He explained that the move reflects the nation’s changing economic landscape, where many communities once classified as rural have evolved into thriving towns and commercial centres.

The Governor, however, cautioned that the transition would not come at the expense of prudent banking practices, stressing that community ownership does not mean weaker governance but would be complemented by strong risk management and financial discipline.

He said the BoG would provide robust regulatory oversight to ensure that the institutions remain safe and resilient, with independent boards making commercial lending decisions.

As part of the reforms, he indicated that Community Banks would be allowed to broaden the range of financial services they provide and compete more effectively within the financial sector.

According to the central bank, existing Rural and Community Banks have until the end of December 2026 to complete statutory name changes, corporate rebranding and other regulatory requirements as part of the transition.

Dr. Asiama added that the BoG would support the process through appropriate regulation and supervision to ensure that the institutions meet the standards expected under the new framework.

By Ebenezer K. Amponsah

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