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Company News of Friday, June 14, 2019
Source: Myjoyonline.com
2019-06-14
According to the BoG, banks for savings and credit, cleaning rural and community banks
Over the last two years, the Bank of Ghana has adopted what some might describe as bold initiatives in the banking and specialized deposit industry.
Since August 2017, 9 banks and 386 microfinance and microfinance institutions have been destroyed.
These closures have had a significant impact on the economy as jobs and businesses have lost their importance. An important effect of this is the debt that has accumulated. In March 2019, the resolution of the problems of the financial sector had cost us 11 billion GHC.
The most recent is microfinance and microcredit institutions. Now, attention will shift from that to savings and loans, to rural and community banks and to finance houses.
What does the savings and loans sector look like? Here are some data from the Ghana Association of Savings and Credit Companies (GHASALC)
What lessons can we learn and how should this be done? My guests, Tweneboah Koduah Boakye, Executive Secretary of the Ghana Association of Savings and Credit Companies (GHASALC) and Executive Director of the Network of Microfinance Institutions of Ghana (GHAMFIN), Yaw Gyamfi, believe that panic is not not the solution.
Watch the video below:
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