Business News of 2014-03-16

BoG supports micro finance associations

A total of 394 microfinance institutions had been licensed by the Bank of Ghana (BoG) as of March 2013. Of the number, 344 are members of the Ghana Association of Microfinance; 45 belong to the Money Lenders Association of Ghana and five to the Ghana Co-operative Susu Collectors Association.

Those associations are seen as viable firms contributing immensely to poverty alleviation in the country.

BoG donates logistics

The Advisor to the Governor of BoG, Mrs Akorfa Avorkliya, made this known when the BoG handed over logistics to umbrella associations of microfinance companies in Accra.

They included three double Nissan pickups, three laptops and their accessories. They are to support the associations to effectively monitor and supervise member microfinance firms.

Mrs Avorkliya said the vehicles in particular were to help the parent associations to periodically visit their members and to educate them on the BoG’s policies and regulations for microfinance firms.

She said over the past two years, there had been a significant increase in the number of microfinance companies in the country.

“However, these increases come with inherent associated challenges that must be handled with care,” she stated and added that the BoG’s support to parent associations would help to regulate their operations.

She, therefore, urged the associations to use the logistics for the purpose for which they were given out.

Receiving the vehicles and other items on behalf of the associations, the Executive Secretary of the Association of Microfinance Agencies, Mr Richard Amaning, thanked the BoG for its support, which he said would “strengthen our capacity to regulate our members.”

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