Brilliant comments from Mr Otchere. They also need qualified staff to manage daily operations. Most of their staff are highly unprofessional.
Brilliant comments from Mr Otchere. They also need qualified staff to manage daily operations. Most of their staff are highly unprofessional.
King 9 years ago
This man does not understand banking.
The reason is that when the government raises the minimum capital needed to set up microfinance, it means the currency has lost its value against foreign currencies. The government kno ... read full comment
This man does not understand banking.
The reason is that when the government raises the minimum capital needed to set up microfinance, it means the currency has lost its value against foreign currencies. The government knows that people from outside Ghana are fully engaged and interested in financial businesses.
Therefore if the exchange rate of foreign currencies go up, more financial institutions would be set up because it would be very easy.
Under president Kufuor's tenure, the minimum capital requirement was 60,000 Cedis which was equivalent to $60,000 and the economy was stable and the financial institutions were performing well with less problems.
In some couple of months ago, the minimum capital required to set up micro finance was 300,000 Cedis which was equivalent to $100,000. The government and the central bank have come to know that by 2017 the rate would reach $1 to 5 cedis because as at now the rate is $1 to 4 cedis.
The central bank is also aware that the cedis in circulation are too much because of the government regular borrowing from the central bank to finance unwanted projects which finally lands in the hands of his own men and women of which the central bank is aware but the bank has little to say in order not to lose its job.
Mr Otchere from here should not be happy that the bank of Ghana's strategy to protect customers from microfinance dealers would yield any good results, it would not because the cedi has lost its value.
Brilliant comments from Mr Otchere. They also need qualified staff to manage daily operations. Most of their staff are highly unprofessional.
This man does not understand banking.
The reason is that when the government raises the minimum capital needed to set up microfinance, it means the currency has lost its value against foreign currencies. The government kno ...
read full comment