Business News of Wednesday, 3 January 2018
Source: ghanacrusader.com
2018-01-03
BoG indicated that it will temporarily halt the process of issuing licenses to these bodies
Microfinance institutions in the country have lauded the Bank of Ghana for its decision regarding the issuance of licenses of new micro-finance companies in the country.
According to them, this will help the bank of Ghana sanitize and strengthen the micro finance Sector.
Governor of the Bank of Ghana Dr Ernest Addison, had indicated in 2017, that the Bank of Ghana will temporarily halt the process of issuing licenses to new microfinance companies at the start of 2018.
The Bank of Ghana initiated this move following the brouhaha that was associated with various micro finance institutions in the country.
It will be recalled last year that, some microfinance institutions were having problems with their clients which required the intervention of the Bank of Ghana to close them down .
Meanwhile, President of the Association of Microfinance institutions Mr Joseph Donkor stated that a close relationship between the association and the Bank of Ghana will be critical for the growth of the financial sector.