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Once again, the financial services sector in Ghana has undergone another metamorphosis! The microfinance sector is the latest to be rehabilitated, resulting in the collapse of 386 institutions.
Today, there are only 168 microfinance and microcredit institutions operating in Ghana.
At each financial clean-up, questions arise as to how it was conducted.
There are always arguments to tell the regulator, the Bank of Ghana has not done much to ensure that the sector is on a good footing. But the Bank of Ghana believes there was enough time and warnings for these institutions to correct their wrongs.
Joseph Amoah-Awuah, Head of Supervision of Other Financial Institutions at the Bank of Ghana, talks about the commercial edition of PM Express. He says that the collapsed entities have had plenty of time to right their wrongs.
We then talk to our guests, Nkunimdini Asante-Antwi, Yield-Rock Microcredit Services Manager and Yekson Emmanuel Kugblenu, owner of a former microfinance institution.
It is rare to speak to those who are at the heart of the situation when the financial sector is in turmoil and I dare to say that this is a rare opportunity.
We also have a glimpse of what ordinary Ghanaians feel about it and how those who actually use their services have been affected and what they do with them.
The regulator believes that after that, there is still a lot to do in the field of microfinance.
The new rules and regulations, as well as the application of pre-existing rules, will help to meet these challenges.
For now, we must wait to see if these measures will actually restore confidence in the financial and banking space. But when can we say that it's over?
Watch the video below:
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