BoG urged to monitor micro-finance operators

Mr Jonas Aryetey, Head of Micro-Finance Department of Shai Rural Bank Limited, has appealed to the Bank of Ghana to create a department that would monitor the operations of micro-finance institutions in the country.

This, he said, would help weed out dubious institutions whose interest was to make money at the expense of innocent Ghanaians.

Mr Aryetey told the GNA in an interview that the situation where some institutions registered as non-governmental organisations but were later found operating as micro-finance companies were crippling the industry.

Mr Aryetey said it was expensive to operate a micro-finance company but for a few disgruntled people to bring the industry into disrepute was not the best. He said; “They go and hire somebody’s single room or kiosk as their offices and collect huge sums of monies and later bolt away.”

Mr Aryetey urged people who wanted to operate micro-finance to be licensed by Bank of Ghana to ensure genuine business and cautioned Ghanaians to beware of people they do business with in order that they would not be duped.