Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday.
The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations.
The Bank of Ghana in the statement explained that new measures have been put in place to ensure that existing institutions remain structurally and administratively safe enough to continue with their businesses by complying with the rules.
31 microcredit companies to continue operations
Following the cleaning of the sector, a total of 31 microcredit companies will also continue to operate after the revocation of 39 microcredit companies.
GHC900m to sanitise microfinance sector
The BoG had earlier indicated that it had secured GHC900 million to begin sanitising the country’s struggling microfinance sector.
About 705,396 depositors of distressed or collapsed microfinance companies and rural and community banks (RCBs) risked losing some GHC740.5 million without some form of intervention.
The Governor of the BoG, Dr Ernest Addison had also indicated that about GHc 7 billion will be needed for a full clean-up.
Below is the full list of 137 microfinance in good standing