The Bank of Ghana (BoG) has approved three new branches of the National Investment Bank (NIB) in the Savannah Region, in a move expected to deepen access to banking services and credit in one of Ghana’s least-banked regions.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, disclosed the approval at the climax of the 2026 Yagbon Damba Festival in Damongo on Sunday, August 30, 2026.
Dr Asiama, who chaired the festival, said the approval was granted only a week earlier following concerns over the limited banking infrastructure in the region.
“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.
The three new branches will expand NIB’s presence in the region and are expected to make financial services, particularly credit, more accessible to households and businesses.
The move also comes as NIB accelerates a nationwide expansion of its operations following a major financial turnaround under Managing Director, Chief Dr Doli-Wura Awushi Abdul-Malik Seidu Zakaria.
NIB returned to strong profitability in 2025, recording GH¢343.9 million in profit after tax, compared with GH¢2.8 million in 2024. Its operating income increased by more than 135 per cent, while net interest income rose by 212 per cent.
The recovery has continued into 2026, with the bank reporting GH¢34.3 million profit after tax in the first quarter. Management said the performance was being driven by improvements in core operations and structural reforms rather than one-off gains.
The bank’s balance sheet has also expanded significantly. Customer deposits nearly doubled from GH¢6.4 billion in 2024 to GH¢12.9 billion by June 2026, while total assets increased from about GH¢5.8 billion to GH¢14.9 billion over the same period.
At the same time, NIB completed a major recapitalisation, while its capital adequacy position improved from a negative 47 per cent in 2024 to a positive 48.1 per cent by June 2026. The bank has also reduced its cost base through tighter operational controls.
The turnaround has enabled the bank to refocus on its core development-finance mandate, including expanding access to finance for businesses and supporting industrial and economic activity.
Chief Dr Zakaria has previously said NIB would support industries and businesses across the regions through targeted financing and equity participation, with the broader objective of promoting industrialisation and job creation.
The bank has simultaneously been strengthening its branch network and customer service operations. In May and June 2026, its management undertook a nationwide branch engagement exercise covering the Northern, Ashanti/Brong Ahafo, Central/Western and Eastern/Volta zones to improve operational efficiency, customer experience and business growth.
More credit, lower borrowing costs
Dr Asiama said the expansion of banking infrastructure was necessary to ensure that businesses and individuals could benefit from the improving financial environment.
He said the BoG was also promoting community banking, allowing 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,” he said.
The Governor further disclosed plans to expand digital credit initiatives, allowing individuals and businesses to access loans through their mobile phones without necessarily visiting a physical bank.
He said the measures formed part of the central bank’s broader strategy to improve financial inclusion, make credit more accessible and reduce borrowing costs.
According to Dr Asiama, inflation had fallen sharply from about 24 per cent last year to 4.6 per cent as of the previous month, while average bank lending rates had declined from about 27–28 per cent to between 15 and 16 per cent.
The BoG, he said, was targeting a further reduction in lending rates to around 10 per cent to enable businesses to access cheaper financing, expand operations and create jobs.
He also credited farmers for helping to sustain food supply and price stability, saying increased agricultural production complemented monetary policy efforts to keep inflation low.
The Governor said traditional festivals such as Damba also had an important economic dimension, as they bring communities together while generating business opportunities and supporting local economic activity.
The three new NIB branches in Savannah are therefore expected to serve not only as additional banking outlets but also as channels through which businesses and communities can tap into the bank’s renewed capacity to provide credit and support economic activity.
Source: www.kumasimail.com
