The Bank of Ghana (BoG) has announced a sweeping reform of the country’s microfinance and specialised deposit-taking sector, aimed at restoring confidence, strengthening supervision and expanding access to financial services, particularly for vulnerable and underserved communities.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, outlined the reform agenda during the 2025 Governor’s Day celebrations held on December 20, describing it as a critical step toward rebuilding discipline and resilience within the financial system.
According to the Governor, the reform is anchored on a new institutional architecture designed to enhance resilience, rebuild public trust and improve access to financial services across all segments of society. The framework establishes four complementary categories of institutions: Microfinance Banks (MFBs), Community Banks (CBs), Credit Unions (CUs), and Last Mile Providers (LMPs), each with clearly defined mandates and prudential standards.
“We began reforms in the microfinance and Specialised Deposit-Taking Institutions (SDIs) sector to restore discipline, strengthen supervision and protect depositors,” Dr. Asiamah said. He noted that the sector plays a vital role in financial inclusion and local economic activity, making its stability a national priority.
As part of the reforms, the ARB Apex Bank is to be restructured into a strategic policy instrument for the entire microfinance sector. This restructuring will extend its reach beyond rural and community banks, enabling it to serve as a central intermediary for policy transmission, institutional support and sector-wide capacity building.
The Governor explained that the new approach will help stabilise the segment, improve operational standards and rebuild confidence in institutions that serve the most vulnerable sections of the economy.
“These reforms are about more than regulation,” Dr. Asiamah said. “They are about protecting depositors, strengthening institutions and ensuring that financial services reach those who need them most.”
The Bank of Ghana expressed confidence that the reforms will create a more robust, transparent and inclusive microfinance ecosystem, capable of supporting Ghana’s broader economic development goals.
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