The Chief Justice, Justice Paul Baffoe-Bonnie, has urged community banks to uphold the highest standards of transparency and accountability, stressing that public trust remains the most valuable asset for sustaining the banking industry.

In a speech read on his behalf in Accra yesterday to mark the 50th anniversary of rural banking and its transition to community banking, he said: “Money can build a business, but it is trust that sustains it.”

The event, on the theme: ‘The Future of Community Banks,’ brought together regulators, policymakers, banking executives and other stakeholders to reflect on five decades of community-focused banking and chart a new direction for the sector.

Justice Baffoe-Bonnie noted that institutions were remembered not only for their longevity but also for their impact on people’s lives.

He described the shift from rural banking to community banking as a move towards a more people-centered approach to financial services.

According to him, while the term “rural” focused on location, “community” better reflected the purpose of the institutions — to serve people and support local economic development.

“For 50 years, these institutions have quietly stood where the heartbeat of our nation is strongest, supporting farmers, traders, artisans, teachers and small business owners who deserve the same financial opportunities and protection as anyone else,” he said.

The Chief Justice observed that financial inclusion and access to justice were closely linked, explaining that communities with reliable financial services were better placed to create jobs, reduce poverty and promote social stability.

Also addressing the event, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, announced a series of reforms aimed at repositioning the sector to meet the evolving financial needs of Ghanaians.

He explained that the transition to community banking reflected changing socio-economic realities, where financial exclusion was no longer limited to rural areas.

Dr Asiama said the reforms would allow for the establishment of community banks in both rural and urban areas to better serve individuals and small businesses that remained underserved despite the presence of commercial banks.

He stressed that community ownership must not be mistaken for weak corporate governance, insisting that such institutions must be professionally managed, financially disciplined and guided by sound risk management practices.

The Board Chairman of ARB Apex Bank, Mr Daniel Owusu, appealed to the Bank of Ghana to extend the deadline for the recapitalisation of community banks to enable more institutions to meet the new capital requirements.

He commended the central bank and other stakeholders for their support over the past five decades, noting that community banks had played a vital role in deepening financial inclusion, mobilising savings and supporting local economic development since their establishment in 1976.