BoG urges Savings and Loans to consider mergers & acquisitions

The Bank of Ghana has urged savings and loans companies to consider acquisition of and mergers with microfinance institutions as a move to support the growth of these institutions.

At the corporate awards night for BEIGE Capital Savings and Loans Limited in Accra, First Deputy Governor of the Bank of Ghana, Mr. Millison Narh made the call to industry stakeholders to consider such mergers as they would go a long way to ensure sustainability of the institutions.

He asked that larger businesses acquire smaller ones to safeguard against premature dissolution of these potentially viable entities.

Mr. Narh also congratulated BEIGE Capital Savings and Loans for the laudable achievements and dominance at the Tier II banking category.

He indicated that latest financial data showed a 33.6 per cent year-on-year growth for Non-Bank Financial Institution (NBFI) and the Savings and loans category accounted for 54.2 per cent share which indicates advancement in the category.

He also gave reassurance of the economy gradually turning around, and the continued implementation of policies and reforms under the IMF programme that would in the long run restore macroeconomic stability and pave the way for sustainable growth.

Mr. Narh congratulated all staff and customers who were honoured. He charged the staff to make the award spur them on to greater heights in the future.