BoG Tackles Challenges in Microfinance Sector

The Bank of Ghana has assured the general public that it is taking steps to address the challenges in the micro-finance sector.

Caroline Otoo, Secretary, BoG in a statement said the Bank is working on a comprehensive reform program to address the challenges in the sector.

“The Bank of Ghana has noted the challenges in the micro-finance sector and would like to assure the public that it is taking steps to address these challenges.

“The Bank has been monitoring Micro-finance Institutions (MFIs) through offsite surveillance and on-site examination, and also has held a number of meetings with the shareholders and management of the affected institutions.
“Together with the Government, the Bank is working on a comprehensive reform program to address the challenges in the sector, and strengthen regulatory and supervisory oversight,” the statement said.

Licensed Institutions 

Meanwhile, the Central Bank says about 319 micro-finance institutions across the country have been licensed to operate and are in general compliance with the central bank’s guidelines.

Out of the 319, there are forty (40) money lending institutions, six (^) Financial NGOs as well as two hundred and seventy-three (273) micro-finance institutions.

Source: thePublisher