DEQ Change Foundation


Written by: Desmond Bilson – Student of GIJ, Accra and Associate of DEQ Change Foundation

The Executive Director of DEQ Change Foundation, Mr R. A. Quarshie, has described banking with rural banks as being the safest and most economic form of banking in Ghana.

Mr. Quarshie revealed this during a presentation delivered on Thursday, June 5, 2019 at the Kikam District Women Ministry Retreat held at Asanta in the Ellembele District and organised by the South West Ghana Conference of the Seventh Day Adventist Church.

Mr. Quarshie was speaking on wealth creation and business management at the retreat. He explained that proper acquisition and use of funds are the bed rock of wealth creation and encouraged women to own accounts and save with financial institutions.

He indicated that despite the current crises in the banking sector which seem to have a negative interest of the populace in the informal sector, banks and financial institutions play a key role in financial management, with rural and community banks (RCBs) being the safest, economic and most prudent.

Highlighting on proper business practices, he stated that irrespective of the size and nature of business one is engaged in, understanding the business entity principle which separates the business from the owner, cash flow, and profit and loss accounts and proper understanding of the rudiments of banking are key fundamentals to small business growth.

Responding to questions from the participants at the program especially on the next line of action by the Bank of Ghana, Mr Quarshie explained that the Bank of Ghana is undertaking this clean-up exercise in the banking industry to protect the interest of customers and the general public. He however cautioned the participants to desist from withdrawing their monies under panic situations from all licensed banks specifically rural banks and explained that they are banks for the local people and need to ensure its success.

Irrespective of poor perception held by some Ghanaians, rural banks have performed beyond expectations by encouraging people even in the remotest parts of the country to save money with ease and also granting credit to businesses and individuals on consistent bases to their clients thus reducing the unbanked majority.

Touching on the uniqueness of RCBs, Mr. Quarshie educated that rural banks are unique since they are supervised by both Apex Bank Ltd and Bank of Ghana thus maintaining sanity in their operations.

“They are completely public owned enterprises, and there is high communal interest and flexible products that suit the ordinary Ghanaian trader or worker.” He added

He further indicated that the recent operational license revocation of some microfinance companies by the Bank of Ghana have no effect on RCB customers neither would any exercise in the future by BoG on RCBs affect depositors’ funds.

DEQ Change Foundation is an NGO focused on community development and CSR project planning and implementation in rural areas. The Kikam District of the SDA church is headed by Pastor Ebenezer Ackah Annor.

Source: DEQ Change Foundation

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