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According to the BoG, the cleaning of rural and community banks is expected to cost around 6 billion ¢
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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 Societies (GHASALC) and Executive Director of the Network of Microfinance Institutions of Ghana (GHAMFIN), Yaw Gyamfi , believe that panic is not the solution and that all must remain calm.
Watch the video below:
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