Rural banks now serve over eight million Ghanaians - BoG Governor

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has revealed that more than eight million Ghanaians now rely on rural and community banks for financial services, with the sector growing into a GH¢26 billion industry over the past five decades.

According to him, ongoing reforms are aimed at strengthening the sector by transforming rural banks into community banks and expanding the model beyond rural areas to provide more Ghanaians with access to financial services.

Speaking at the 50th anniversary celebration of Ghana’s Rural Banking industry on Thursday, July 16, 2026, Dr Asiama said the country’s rural banking model has expanded from a single bank established in Nyakrom in 1976 to 147 licensed institutions operating nearly 1,000 branches nationwide.

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“What began with one bank at Nyakrom is today 147 licensed institutions, about 1,000 branches, more than eight million customers, and an asset base of approximately GH¢26 billion as of May this year,” he said.

He further explained that the sector’s growth is proof that the vision of bringing formal banking services closer to farmers, traders and underserved communities has succeeded beyond expectations.

“These figures are not just a measure of institutional success. They are a verdict on the original idea,” he stated.

According to him, the Rural Banking Programme was introduced because many people in rural communities lacked access to formal banking services despite actively saving, borrowing and investing in their livelihoods.

“People saved. People borrowed. People built. They simply did it without a bank because there was no appropriate bank for them to do it with,” he explained.

Dr Asiama noted that rural banks have since become an important source of financing for agriculture, small businesses and local enterprises, while helping millions of Ghanaians join the formal financial system through savings, credit and other banking services.

He also acknowledged that the sector has experienced governance challenges and institutional failures over the years, which affected public trust in some communities.

“When one failed, the loss was not recorded in a supervisory return and forgotten. It was recorded in a community, in its savings, in its confidence, and in the faith it had placed in an institution carrying its own name,” he said.

ANAS/MA

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