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The Bank of Ghana (BoG) received 900 million Mexican pesos to clean up the troubled microfinance sub-sector of the financial services sector.
This measure is part of the resolution of the debt crisis, worth 7 billion GH ¢, which affects a large number of non-bank deposit institutions, including savings and credit companies in the country.
Dr. Ernest Addison, Governor of the BoG, said at a Monetary Policy Committee (MPC) press conference in Accra on Monday, May 27, 2019, that the scale of resources needed to undertake the Set of deposit taking reforms, The non-banking sector was so vast that it had to be approached in stages.
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"We simply do not have 7 billion GH ¢ to clean up all non-bank deposit institutions and we are therefore tackling the microfinance sector, for which 900 million GH $ have been provided", he stated.
The cleansing of the microfinance sector, which is expected to begin by the end of the third quarter of the year, would significantly reduce the number of microfinance companies in the country.
Mr. Addison has, however, asked for sufficient time to develop clear guidelines on the scope of the clean-up of the microfinance sector.
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"Give us a little space and we will communicate later the details of our decisions" he said.
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Source: Yen News
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