Total assets of Rural Community Banks (RCBS) in the country for the period between Q3 2019 and Q3 2020, grew by 32.4 per cent.
Assets of RCBs recorded at the end of Q3 2020 was valued at Ghs 5.67 billion marking a 10.6 per cent growth from the previous quarter – Q2 2020 – with total assets valued at Ghs 5.12 billion.
Per the Q3 2020 Quarterly Bulletin report released by the Bank of Ghana (BoG), total assets of RCBs at Q3 2019 stood at Ghs 3.83 billion.
Despite the astronomical growth in assets for the period under review, total assets of RCBs constituted only 3.7 per cent of the total assets of the banking system.
In terms of deposits made, RCBs for the period under review also saw an increase in deposits mobilisation.
Total deposits of RCBs increased by 38.1 percent year-on-year to Ghs 4.84 billion at the end of Q3 2020 from Ghs 3.50 billion recorded for the corresponding quarter of 2019.
Deposits mobilised by RCBs at the end of Q3 2020 constituted 5.1 percent of total deposits of the banking system, compared with the share of 4.9 percent in the previous quarter and 4.7 percent at the end of Q3 2019.
Loans and advances made by RCBs by the end of Q3 2020, stood at Ghs 1.70 billion indicating a rise of 10.4 percent from Ghs 1.54 billion recorded at the end of Q2 2020.
