Microfinance Sector Bedeviled With Challenges - BoG

The Bank of Ghana has acknowledged that the microfinance sector is bedeviled with challenges.

Although several measures are in place to regulate the activities in the industry, a more collective effort is required to completely sanitise the microfinance business in Ghana. 

A Representative of the Head of Other Financial Institutional Support Department, OFISD, of the Bank of Ghana, Philip Opoku-Mensah, made the point during the launch in Accra of the “GMAC Voice.” 

GMAC Voice is a newsletter for members of the Ghana Association of Microfinance Companies, policy makers and major players within the microfinance industry. 

Mr Opoku-Mensah lauded efforts by the Association to bridge the information gap within the sector, and said the Bank of Ghana is ever available to provide the necessary assistance to ensure that best practices within the banking sector are upheld. 

GBC