{"id":626869,"date":"2019-05-28T17:13:16","date_gmt":"2019-05-28T17:13:16","guid":{"rendered":"<br><div id=\"post-517942\"><header>\n<div class=\"entry-post-meta\">\n\n<p>Date: <time content=\"2019-05-28T16:33:37+00:00\" class=\"entry-date updated\" datetime=\"2019-05-28T16:33:37+00:00\">May 28, 2019 4:33pm<\/time><\/p>\n<\/div> \n<\/header><div class=\"entry-content "},"modified":"2019-05-28T17:13:16","modified_gmt":"2019-05-28T17:13:16","slug":"bog-secures-ghc900-to-clean-up-microfinance-sector","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/05\/28\/bog-secures-ghc900-to-clean-up-microfinance-sector\/","title":{"rendered":"BoG secures GHc900 to clean up microfinance sector"},"content":{"rendered":"<p><\/p>\n<div id=\"post-517942\">\n<header>\n<div class=\"entry-post-meta\">\n<p>Date: <time content=\"2019-05-28T16:33:37+00:00\" class=\"entry-date updated\" datetime=\"2019-05-28T16:33:37+00:00\">May 28, 2019 4:33pm<\/time><\/p>\n<\/div>\n<\/header>\n<div class=\"entry-content clearfix\">\n<figure class=\"fff post-thumbnail\" itemprop=\"associatedMedia\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><img decoding=\"async\" class=\"post_layout_5_img\" src=\"https:\/\/cdn.ghanamma.com\/2019\/04\/Ernest-Addison.jpg\" alt=\"BoG secures GHc900 to clean up microfinance sector\"\/><span class=\"featured-image-caption\"><br \/>\nDr. Ernest Addison, BoG Governor. <\/span><br \/>\n<\/figure>\n<p>The Bank of Ghana has secured GHc900 million to sanitize the country\u2019s struggling microfinance sector.<\/p>\n<p>A similar exercise that was targeted at universal banks saw the collapse of nine local banks costing the country almost GHc 11 billion.<\/p>\n<p>About 705,396 depositors of distressed or collapsed microfinance companies and rural and community banks (RCBs) risk losing a total of GH\u00a2740.5 million without some form of intervention.<\/p>\n<p>The upcoming exercise for the microfinance sector is expected to be equally costly, but the Bank of Ghana admitted that the GHc 900 was still a limited intervention and needed to be\u00a0approached in phases.<\/p>\n<p><iframe loading=\"lazy\" width=\"1000\" height=\"563\" src=\"https:\/\/www.youtube.com\/embed\/JNj8NEKV1iw?start=6&amp;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>The Governor of the BoG, Dr Ernest Addison said: \u201cthe budgetary resources are not there to undertake an operation on the magnitude of GHc 7 billion.\u201d<\/p>\n<p>\u201cWe have just GHc 1 billion. We can take care of the microfinance institutions and we need to make an assessment that we are getting from institutions like First Allied.\u201d<\/p>\n<p>Dr. Addison also noted that the overall \u201cproblem would not have been resolved by just concentrating on the microfinance part of it.\u201d<\/p>\n<p>Dr. Addison was speaking at a Monetary Policy Committee (MPC) news conference in Accra on Monday.<\/p>\n<p>The clean-up of the microfinance sector is expected to begin by the end of the third quarter of 2019.<\/p>\n<p>In addition, the BoG\u2019s moves will significantly cut down the number of microfinance companies in the country.<\/p>\n<p>Dr Addison appealed for time to come up with clear guidelines on the scope of the clean-up of the microfinance sector.<\/p>\n<p><span class=\"ctx-article-root\"\/>  <\/p>\n<\/div>\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Date: May 28, 2019 4:33pm Dr. Ernest Addison, BoG Governor. The Bank of Ghana has secured GHc900 million to sanitize the country\u2019s struggling microfinance sector. A similar exercise that was targeted at universal banks saw the collapse of nine local banks costing the country almost GHc 11 billion. About 705,396 depositors of distressed or collapsed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":611375,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-626869","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG secures GHc900 to clean up microfinance sector - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/05\/28\/bog-secures-ghc900-to-clean-up-microfinance-sector\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG secures GHc900 to clean up microfinance sector - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Date: May 28, 2019 4:33pm Dr. Ernest Addison, BoG Governor. The Bank of Ghana has secured GHc900 million to sanitize the country\u2019s struggling microfinance sector. A similar exercise that was targeted at universal banks saw the collapse of nine local banks costing the country almost GHc 11 billion. 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