The Bank of Ghana (BoG) has approved the establishment of three new branches of the National Investment Bank (NIB) in the Savannah Region as part of efforts to improve access to banking services and credit in the region.
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, disclosed this at the climax of the 2026 Yagbon Damba Festival held in Damongo on Sunday, August 30, 2026.
Dr. Asiama, who served as Chairman of the event, said the approval was granted only a week earlier and was aimed at addressing the limited availability of banking services in the Savannah Region.
According to him, the region currently has no more than seven bank branches, a situation he said underscored the need for greater financial inclusion.
“For the Savannah Region in particular, we have noticed that we have no more than seven bank branches in the entire Savannah Region. And so for that reason, only last week, we have approved the establishment of three new branches of the National Investment Bank,” he said.
He explained that the new NIB branches would help communities and businesses gain easier access to financial services, particularly credit, to support economic activity and job creation.
The Governor further disclosed that the Bank of Ghana was promoting community banking, which would allow communities to develop business plans and apply for licences to establish their own banks.
“This is important so that communities can serve themselves when it comes to access to credit,” Dr. Asiama stated.
He also announced the introduction of digital credit initiatives, through which individuals and businesses would be able to access loans using their mobile phones without necessarily visiting a physical bank.
Dr. Asiama said the various measures formed part of the Bank of Ghana’s broader efforts to improve financial inclusion, make credit more accessible and reduce the cost of borrowing for businesses.
The Governor also highlighted recent progress in the country’s fight against inflation, noting that inflation had declined significantly from about 24 percent last year to 4.6 percent as of the previous month.
He commended farmers for their contribution to food availability and price stability, saying increased food production complemented the Bank of Ghana’s efforts to maintain low inflation.
On lending rates, Dr. Asiama said average bank lending rates had also declined from about 27–28 percent last year to between 15 and 16 percent currently.
He said the Bank of Ghana’s objective was to bring lending rates down further to around 10 percent, making it easier and cheaper for businesses to obtain financing.
The Governor explained that improving access to affordable credit was essential to enabling businesses to expand and create more employment opportunities.
Dr. Asiama also underscored the economic importance of traditional festivals such as the Damba celebration.
He said festivals not only united communities and promoted cultural heritage but also served as an economic vehicle, supporting local businesses and the rural economy.
He expressed appreciation to the Overlord and elders of the Gonja Kingdom for inviting the Bank of Ghana to participate in the celebration and congratulated the traditional authorities and people of the kingdom on the successful organisation of the 2026 Yagbon Damba Festival.
The announcement of the three new NIB branches is expected to strengthen banking access in the Savannah Region and support the growth of businesses and economic activities across the area.
Source: Padfm.com.gh/Kumatey Gorden/0243531604
