BoG to address challenges faced by microfinance sector

The Bank of Ghana (BoG) says measures had been rolled out, in collaboration with government, to generate a comprehensive reform programme to address the challenges faced by the microfinance sector.

The BoG said it has noted the challenges in the microfinance 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 microfinance institutions through offsite surveillance and onsite examination, and has also held a number of meetings with shareholders and management of these affected institutions.

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

The Bank of Ghana said there are 319 licensed microfinance institutions in general compliance with the BoG guidelines across the 10 regions of Ghana as of December 31, 2017.