BoG unveils community banking reforms as rural banking sector marks 50 years

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.

Honouring the pioneersDr 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.

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 said the reforms would ensure that community-based financial institutions continue to meet the evolving financial needs of Ghanaians while adapting to changing economic realities.