Deputy Finance Minister Thomas Nyarko Ampem has urged community banks in Ghana to reposition themselves as key drivers of financial inclusion by expanding beyond traditional lending and providing digital financial services, financial literacy, and support for small businesses.
Speaking at the 50th anniversary celebration of rural banking and the transition to community banking on Thursday, July 16, Nyarko Ampem said the new phase of community banking presents an opportunity to deepen access to financial services for Ghanaians, particularly those in underserved areas.
“Fortunately, this transition to community banking comes at a time when Ghana’s economy is strengthening. Improved coordination between the Ministry of Finance and the Central Bank has reinforced macroeconomic stability through disciplined fiscal policy and complementary monetary policy stance,” he said.
According to him, government has demonstrated its commitment to strengthening the country’s financial system by supporting efforts to restore the balance sheet and financial strength of the Bank of Ghana.
“Government has backed that commitment with action. In March this year, government issued GH¢5 billion for the recapitalisation of the Bank of Ghana,” he said.
The Minister explained that the intervention forms part of a broader strategy to systematically rebuild the Central Bank’s financial position by 2032, adding that further allocations would be made in the 2027 budget to continue the recapitalisation process.
He said the measures are aimed at reinforcing the Bank of Ghana’s institutional independence, preserving monetary policy credibility, and ensuring that the Central Bank remains capable of delivering on its mandate of maintaining price and financial stability.
“The community bank of the future must be more than a lender. It must become a trusted development partner, a digital financial service provider, a champion of financial literacy, a catalyst for agriculture, a financier of innovation, and a cornerstone of inclusive growth,” he said.
Nyarko Ampem expressed confidence that the transformation into community banking would usher in a new era where Ghanaians, regardless of their location, can access the financial services needed to improve their livelihoods and realise their potential.
