Challenges Faced By Micro Finance Sector To Be Address By BoG

The Bank of Ghana (BoG), on Friday said allots had been rolled-out as a team with government, to generate a comprehensive change program to address the difficulties faced by the micro finance segment.

The BoG said it has noted the challenges in the micro finance sector and would like to assure the public and institutions that it is taking steps to remedy them.

A statement issued by the BoG and signed by Mrs Caroline Otoo, the secretary of the bank, said the bank has been monitoring  and management of these affected institutions. Microfinance institutions through offsite surveillance and onsite examination and has also held a number of meetings with shareholders

It said the bank was working on a comprehensive reform programme that would strengthen regulatory and supervisory oversights in the micro finance sector.

The Bank of Ghana said there are 319 licensed micro finance institutions in general compliance with the BoG guidelines across the ten regions of Ghana as at December 31, 2017.

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