BoG cautions informal sector against unlicensed financial institutions

Mr Fynn (infront) addressing participants at the meeting

The Bank of Ghana (BoG) has urged operators in the informal sector to transact business only with licensed financial institutions to protect themselves against fraud and dubious financial schemes.

A Deputy Manager in the Financial Stability Department of the BoG, Albert Fynn, said traders and small business owners needed to be cautious when seeking loans and other financial services to avoid falling victim to fraudulent lenders.

“Many traders and small business owners rely on loans to support their businesses. It is important for them to have practical knowledge of what they should consider before borrowing and how can they avoid falling into debt or becoming victims of fraudulent lending schemes,” he stressed.

Mr Fynn gave the advice in an interview with The Ghanaian Times last Thursday, after the BoG held town hall meetings for operators in the informal sector in Sefwi Wiawso and the Juaboso corridor of the Western North Region. Read More.

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