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The Bank of Ghana (BoG) says work is ongoing to assess the status of rural banks across the country as part of the financial sector clean-up exercise.

According to the BoG, some of the rural banks facing liquidity challenges are being advised to seek strategic partners before action is taken against them.

The Head of Other Financial Services at the Bank of Ghana, Kofi Amoah Awuah in an interview with Joy News noted that it has a different approach with the rural banks due to its mode of operations.

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“The rural banks, we cannot talk about it now because they have a different management approach; because it operates in the communities and the people have a level of participation in the running of affairs. But we’re working on it and it’s a part of the financial system clean up by the Bank of Ghana” he said.

Mr Amoah Awuah added “Rural banks have different models. They are public limited liability entities, community based and are owned by almost everyone in the community. There is a different process to engage them nonetheless, the work is being done but not at the point of coming out with a plan now so we can’t say when but at the right time, we will come out.”

The Bank of Ghana Friday revoked licenses of about 386 microfinance and microcredit companies for being insolvent.

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