Community banking has transformed financial inclusion in Ghana over five decades – BoG Governor

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has described Ghana's community banking model as one of the country's most successful financial inclusion initiatives, saying it has brought millions of previously excluded Ghanaians into the formal financial system and contributed significantly to poverty reduction over the past 50 years.

Addressing the Rural Banking@50 celebration and Transition to Community Banking event at Bank Square in Accra on Thursday, July 16, Dr Asiama said expanding access to financial services remains critical to Ghana's economic development agenda, as greater financial inclusion enables individuals and businesses to improve their livelihoods.

Unlike traditional banking expansion, Dr Asiama noted, Ghana adopted a community ownership model that enabled local people to establish and own their own financial institutions rather than depending on branches of commercial banks.