The Vice President, Dr Mahamudu Bawumia, has opened the first North East Region branch of the Ghana Commercial Bank (GCB-Bank) in Nalerigu, the capital of the North East Region.
The opening of the bank, marked a historic moment in Nalerigu, as the fast-developing northern town also got its first-ever bank.
The branch is also GCB Bank's 185th branch in the country.
Speaking at the commissioning of the bank in Nalerigu on Tuesday, Vice President Bawumia said the opening of the GCB Bank is one of the direct benefits of creating the new region.
Dr Bawumia said one of the governance vehicles the government had deployed to ensure inclusive development was decentralisation, adding that the creation of six new regions is accelerating and expanding development in communities, such as Nalerigu.
"This singular initiative to create six new administrative regions, including the North East region, has not only expanded development but also created a new sense of nationalism and inclusivity," Dr Bawumia said.
"In the North East region, for example, we have seen how the creation of the new regions has brought a renewed focus and many developmental projects are being executed in the region.
"The establishment of the first branch of the Ghana Commercial Bank in the North East Region is one of such developments that decentralization brings," he stressed.
Dr Bawumia noted that a well-functioning financial system, like the GCB, was fundamental to a modern economy, adding that the opening of the bank in Nalerigu would boost economic activities, as it will offer financial solutions to petty traders and farmers within Nalerigu and surrounding communities.
"They (banks) allocate funds from savers to borrowers to maintain the pulse of our economy. If banks fail to perform, the economic consequences are far-reaching and severe. When they succeed, the opportunities are endless."
"From today, the petty trader and smallholder farmer in Nalerigu and its catchment communities will have access to a range of financial solutions because GCB is here," he said.
The Vice President commended GCB for the decision to establish a branch in Nalerigu and urged it to consider opening branches in districts without banks in the country.