The Ghana Association of Savings and Loans Companies (GHASALC) says deposits mobilised by its member institutions increased from GH¢6.1 billion to GH¢8.5 billion by the end of 2025, reflecting continued growth in the sector despite liquidity, asset quality and regulatory challenges.

The Chief Executive Officer of GHASALC, Tweneboah Kodua Boakye disclosed the figures at the association’s 16th Annual General Meeting on August 27, 2026.

“Our institutions continue to mobilise deposits. If you check our reports from page 31 to page 33, you will see that deposits grew from GH¢6.1 billion to GH¢8.5 billion. The Association has also continued to compile, analyse and disseminate information around this matter, and we want to commend the institutions who submitted their data because they were bold to share it with others. We also want to thank the Central Bank for sharing the consolidated industry data with us to give us a global picture of the industry we are looking at,” he said.

The CEO also disclosed that the sector’s non-performing loan (NPL) ratio declined from 15% to 14%, although he said the industry is targeting a further reduction to below 10%.

“The sector continues to be confronted with pressure on liquidity and funding costs. Asset quality concerns, even though the industry NPL ratio declined marginally from 15 to 14 percent. This is not where we want to be as an industry. We are actually working towards making sure that by the end of the year we are below the 10 percent that the sector plans to achieve. And actually it is in our own interest,” he said.


He identified regulatory compliance costs, technology investment requirements, changing customer behaviour and competition from larger financial institutions as other challenges confronting the sector.

Tweneboah Kodua, however, said there remains significant growth potential in financial inclusion, digital financial services and MSME financing, particularly as millions of individuals and businesses continue to require accessible and appropriately designed financial services.

He said the association supports the Bank of Ghana’s ongoing microfinance sector reforms but wants the implementation to protect the sustainability of existing institutions.

“Our position has therefore not been to oppose the reforms. Our position has been that good reforms must help to produce sustainable institutions, build confidence, protect depositors and jobs at the same time. We must ensure that the transition to the new framework is orderly, realistic, and sensitive to the important role our institutions play in providing financial services to underserved segments of the sector,” he said.

The Board Chairman of GHASALC also backed the reforms but called for greater consideration of the practical implications for existing institutions, particularly their capital and liquidity positions.


“Our position has not been one of resistance to reform, but rather shaping it to achieve the intended objectives, without jeopardising the entire sector. Let us continue to ensure that the reform takes into account the realities of institutions that have served the Ghanaian public for many, many years. The capital and liquidity constraints facing some institutions, the potential impact on employment and financial inclusion, and the need to ensure an orderly transition, so that it has not unintentionally weakened the very sector the reform seeks to serve,” he stressed.

The Chairman also announced improvements in the Association’s own financial position.

According to the audited financial statements for the year ended on December 31, 2025, GHASALC’s total income increased from GH¢932,207 to GH¢1,839,020.25 while membership dues rose from GH¢542,500 to GH¢870,900.25.

Other income also increased from GH¢429,000 to GH¢1,072,400.25 while the association recorded a surplus of GH¢373,433.25, compared with GH¢149,000 previously.

Total assets increased from GH¢690,621.25 to GH¢1,180,000.25 while accumulated funds rose to GH¢1,001,000.25.


The Board Chairman said the improved financial performance was encouraging but stressed that the association remains committed to prudent management of its resources.

Meanwhile, the Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, has said the central bank recognises the concerns raised by industry players over the reforms and is committed to continued engagement.

She noted that the reforms are not simply about imposing stricter regulations but are intended to rebuild confidence in the financial sector, deepen financial inclusion and strengthen the resilience of financial institutions.

“This reform is not merely about introducing strict regulations. It is about rebuilding public confidence and trust. Deepening further financial inclusion, especially for the unbanked, for the underserved, for women and for the youth. Strengthening local participation and ownership. And building a financial system capable of sustaining Ghana’s growth in the next decade,” she emphasised.

Mrs. Asante-Asiedu added that the reforms will also focus on adequate capital, healthy liquidity buffers, lower non-performing loans and sustainable profitability.


She disclosed that the new regulatory framework will consolidate the microfinance sector into core categories including microfinance banks, community banks, credit unions and last-mile providers with defined mandates and regulatory requirements.

The Bank of Ghana will also issue regulations covering corporate governance, risk management, business models and last-mile providers which will be published for industry comments.

“We want your input. In fact, we need your input, because we believe that that's important work. The firms need you, and also how to reflect the realities on the ground since you are the practitioner and the ones who are running it,” she said.

The Second Deputy Governor also acknowledged that the reforms would come with compliance and professional adjustment costs but said the ultimate objective is to create a more stable, robust, resilient and trusted financial sector.

The GHASALC CEO further disclosed that members had unanimously resolved to reposition the association in line with the emerging regulatory structure including adopting a new name for the association if the top-tier category is ultimately designated as microfinance banks.

He further said the repositioning is expected to strengthen advocacy, create a stronger industry knowledge hub, deepen strategic partnerships and improve the association’s voice in the evolving financial sector.

The association disclosed that its next phase will focus on financial sustainability, digital transformation, capacity building, stronger governance and industry unity as the sector prepares for significant regulatory and technological changes.