The Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante Asiedu, has called on Rural and Community Banks (RCBs) to place women at the center of their strategies, stressing that empowering women is not only fair but also smart business that strengthens entire communities.
The call came during the 2nd ARB Women’s Conference and climax of the 10th National Rural Banking Week held in Ho at the Volta Serene Hotel on Thursday, November 21, 2025. The event brought together board members, chief executive officers, relationship managers, and marketing executives from rural and community banks across Ghana.
Mrs. Asante Asiedu underscored the critical role women play in sustaining rural economies and driving financial inclusion in her keynote address. Speaking on the theme “Driving Sustainable Financial Inclusion and Good Governance in Rural and Community Banks through ESG Principles,” she commended the Association of Rural Banks and ARB Apex Bank for sustaining the platform that allows the sector to reflect and chart clear paths forward.
The Second Deputy Governor noted that rural banking has, for over four decades, been the backbone of Ghana’s financial inclusion agenda, expanding access to formal finance in communities where banking once seemed impossible. She emphasized that Ghana’s first rural bank was established in Agona Nyakrom in the Central Region in 1976, and the sector has since expanded to 147 licensed institutions with more than 850 branches across all regions.
Highlighting the importance of Environmental, Social, and Governance (ESG) principles, Mrs. Asante Asiedu explained that modern financial institutions are now measured not only by profitability but also by the quality of their impact, fairness of practices, and responsibility in managing risks. She described ESG not as a burden but as a strategic advantage that helps banks build trust faster, innovate more confidently, and attract sustainable investment.
The Second Deputy Governor emphasized that women remain central to rural economic transformation, revealing that approximately 63 percent of loans issued by RCBs go to women. She noted this portfolio consistently performs strongly and maintains non performing loan ratios far below the wider banking sector.
Mrs. Asante Asiedu declared that when rural women thrive, entire communities rise with them. She praised women borrowers for repaying loans faithfully, investing strategically, and building enduring businesses that generate employment and strengthen local economies.
The Bank of Ghana official further pointed out that the central bank requires every RCB board to include at least one woman, but insisted that representation should be the starting point, not the finish line. She urged institutions to move beyond the minimum requirement and work toward the 30 percent representation target set under the Affirmative Action Law by 2026.
Mrs. Asante Asiedu stressed that women must be part of product development, credit decision making, and long term planning rather than being confined to symbolic roles. She argued that women cannot be limited to so called soft committees, emphasizing that the future of organizations is shaped in audit, risk, finance, and innovation committees where strategic decisions are made.
The Second Deputy Governor explained that the sector becomes stronger when women’s voices shape its future. She linked her call to Ghana’s Affirmative Action (Gender Equity) Act, 2024, which sets targets of 30 percent women in leadership by 2026, 35 percent by 2028, and 50 percent by 2030.
Mrs. Asante Asiedu also drew attention to challenges posed by climate change, noting that unpredictable weather patterns, floods, and droughts are already affecting rural incomes and loan performance. She urged RCBs to seize opportunities in green finance by supporting renewable energy, climate smart agriculture, and eco friendly enterprises, which would not only protect the environment but also create new business pathways.
On regulation, she reaffirmed the Bank of Ghana’s commitment to strengthening supervision, supporting capacity building, and promoting responsible innovation. She cited the Sustainable Banking Principles and the Corporate Governance Directive for RCBs as key frameworks to ensure resilience, transparency, and accountability in the sector.
The Second Deputy Governor urged rural banks to recommit to sustainability, fairness, gender equity, environmental responsibility, and good governance. She described these values as the currency of trust in a fast changing world and encouraged the sector to continue uplifting communities, protecting the vulnerable, and unlocking opportunities for all.
Eric Appiah, National President of the Association of Rural Banks, reminded participants that the chosen theme for the 10th Rural Banking Week is both timely and transformative. He explained that the theme serves as a reminder that the industry’s mission goes beyond providing financial services to building resilient communities, empowering the underserved, and ensuring institutions operate with integrity, responsibility, and sustainability at their core.
Appiah noted that as rural and community banks, the institutions are uniquely positioned to champion financial inclusion that serves farmers in villages, traders in markets, teachers in classrooms, and youth seeking opportunities. By embedding ESG principles into rural banking operations, he said, the sector ensures that inclusion is not only wide reaching but also sustainable.
The National President explained that environmental responsibility means financing projects that protect land and resources, social responsibility means prioritizing the welfare of customers and employees, and governance means upholding transparency, accountability, and ethical leadership. He described these principles as forming the foundation of trust and long term growth.
Appiah stressed that the journey ahead requires innovation, collaboration, and commitment. He urged rural banks to embrace digital transformation to reach the unbanked, strengthen governance structures to safeguard stakeholder confidence, and align strategies with national and global sustainability goals.
The National President emphasized that financial inclusion is not charity but empowerment, giving every Ghanaian regardless of location or status the opportunity to participate in and benefit from the financial system. He called on all stakeholders including government, regulators, development partners, and communities to join hands with rural banks in driving the vision.
Solomon Amankwah, Executive Director of the Association, explained in an interview that as an Association, they recognize that the sustainability of rural and community banks depends on how well they integrate ESG principles into their operations. He emphasized that financial inclusion is not just about opening accounts but creating systems that empower people, protect the environment, and uphold transparency.
Amankwah stated that by embedding ESG into their strategies, the Association ensures rural banks remain relevant, resilient, and trusted partners in national development. He noted this approach allows them to extend services to the most vulnerable while safeguarding the long term health of institutions and communities.
The Executive Director revealed that going into the future, the Association’s focus is on strengthening governance structures, accelerating digital transformation, and building capacity across all member banks. He disclosed they are working closely with regulators, government, and development partners to align the industry’s efforts with Ghana’s broader financial inclusion agenda.
Amankwah stressed that the 10th Rural Banking Week has reaffirmed their commitment to innovation and accountability. He expressed confidence that with ESG as their guiding framework, rural and community banks would continue to drive inclusive growth, foster trust, and contribute meaningfully to the socio economic transformation of Ghana.
Mrs. Comfort Owusu, immediate past Executive Director of the Association of Rural Banks Ghana and credited with initiating the ARB Women’s Conference during her tenure, delivered a special guest presentation on “Building a Leadership Pathway for Women in Rural Banking.” She offered insights into the evolution of female leadership and strategic imperatives for the future.
Thomas Clarkson Adade, Volta/Oti Chapter President of the Association of Rural Banks, said the joint celebration marking a decade of rural banking and a second gathering of the ARB Women’s Conference symbolizes more than just an anniversary. He described it as representing new energy and synergy of a decade of rural banking excellence combined with a growing and powerful movement toward women leadership and empowerment.
Adade stated that this combination inspired them to pursue traditional boundaries and work together to create a more inclusive and equitable financial landscape. He emphasized that the conference provides a platform for reflection, reimagining, and recommitment to a future where rural banks are not only financially sound but also socially responsive and gender inclusive.
Mercy Ampa Benin, Head of Other Financial Institutions and Supervision at the Bank of Ghana, who represented the Governor, thanked staff, board, and management of ARB Apex Bank and heads of various rural banks for blazing the torch and showing the banking and financial sector the possibilities that togetherness can achieve.
Ampa Benin said the central bank is very aware of problems the sector faces and is working to help address them. She commended rural banks for having nurtured livelihoods, built resilience, and offered dignity to people whose economic activities, though vital, had been undervalued in their communities.
The three day conference climaxed with a dinner dance where Rural and Community Banks and personalities who distinguished themselves during the year under review were honored with citations and plaques. Other banking women groups including those from Ghana Commercial Bank, SIC, and Women Association of Electricity Company of Ghana gave fraternal messages to support their colleagues.
The event attracted robust participation from development partners, civil society actors, and media professionals committed to amplifying voices and visions of rural finance. As the banking sector navigates digital transformation, climate finance, and evolving customer expectations, the 2025 Rural Banking Week and ARB Women’s Conference offered a timely platform for strategic dialogue.
RCBs were established to extend credit and financial services to farmers, traders, and small businesses in underserved communities. The sector has played crucial roles in mobilizing rural savings, providing affordable credit, and supporting local economic development in areas often neglected by commercial banks.
The call for women centered strategies comes at a time when Ghana is intensifying efforts to build resilience in its financial sector and promote sustainable development. By urging RCBs to prioritize women focused initiatives, the Bank of Ghana is underscoring the need for policies and practices that recognize the transformative potential of women entrepreneurs and workers.
This initiative is expected to foster stronger community economies, reduce poverty, and align with national goals of achieving equitable growth across all regions. The emphasis on ESG principles also positions Ghana’s rural banking sector to meet international standards and attract development finance from institutions prioritizing sustainability and social impact.
