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BOG Says Rural banking sector makes a spike Of 27% in growth with GH¢6.5 billion in total assets

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The Bank of Ghana (Bank Bank of Ghana) has revealed that the overall profitability of the Rural banking sector has remained positive as of the end of June 30, 2021

According to the Governor of the bank, Dr. Emest Addison, the sector recorded a daily growth of27.4 percent in total fortune amounting
to GHE6.5 billion

Making the divulgence in a speech at the 40th-anniversary celebration of the Akuapem Rural Bank, the central bank governor said advances, deposits, and investments in the bucolic banking sector also. increased by23.6,31.2 and50.1 percent, separately.

The sector’s non-performing loans proportion declined to11.5 percent from12.3 percent a bit anteriorly, gesturing a breakthrough in asset quality. It’s our expectance that all pastoral and community banks will exhaustively curb with the minutest capitalization necessary of GHg1 million by the end of 2021 and maintain the increased capital unimpaired, ” the governor stated.

Meanwhile, the Governor revealed that Ghana has since the 1980s till date increased the pastoral and community banks space from an earlier 30 to 145 institutions with branch networks out of about 851 “The increased number of pastoral banks has been accompanied by increased guest reach, technology deployment, as well as helped delivery of monetary services within the nonnative communities, ” he concluded