Transparency key to banking sector’s future - Chief Justice

Ghana's Chief Justice, Justice Paul Baffoe-Bonnie, has called on community banks to prioritize transparency and accountability, stating that public trust is the most crucial asset for the banking industry's survival. Speaking at the 50th anniversary celebration of rural banking's transition to community banking in Accra, he remarked, "Money can build a business, but it is trust that sustains it." The event, themed 'The Future of Community Banks,' gathered regulators, policymakers, and banking executives to discuss the sector's evolution. Justice Baffoe-Bonnie highlighted that institutions are remembered for their impact, not just their existence. He described the shift from rural to community banking as a move towards a more people-centered financial service model, emphasizing that "community" better reflects the institutions' purpose of serving people and fostering local economic development. For five decades, these banks have supported farmers, traders, artisans, teachers, and small business owners, providing them with essential financial opportunities and protection. The Chief Justice also linked financial inclusion with access to justice, noting that reliable financial services help create jobs, reduce poverty, and promote social stability.

Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, announced a series of reforms designed to adapt the sector to Ghana's changing financial needs. He explained that the transition to community banking acknowledges that financial exclusion is no longer confined to rural areas. The reforms will enable the establishment of community banks in both rural and urban settings, better serving individuals and small businesses often overlooked by larger commercial banks. Dr. Asiama stressed that community ownership does not imply weak governance, insisting on professional management, financial discipline, and sound risk management practices for these institutions. The event underscored the vital role community banks have played in deepening financial inclusion and mobilizing savings over the past 50 years, supporting local economies across the nation.

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Money can build a business, but it is trust that sustains it.