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Business News Mon, 14 Oct 2019

Micro-Credit Association to chart new path to ensure growth, sustainability

The Micro-Credit Association of Ghana (MCAG) is calling for a national dialogue to discuss the future of the sector in the country.

Executive secretary of the association, Ebenezer Quartey says the recent challenges in the financial sector require that the microfinance sector chart a new path in their quest to ensure growth and sustainability.

Mr Quartey was speaking at the 10th anniversary and Annual General Meeting of the Association at Koforidua in the Eastern region.

The AGM was under the theme ‘Micro-Credit Services in Ghana; Achievements, Challenges and Prospects.’

It brought together owners of micro-credit firms and other players in the financial sector to take stock of their activities in the recent past.

The meeting also afforded industry players the opportunity to abreast themselves with new trends of financial operations and regulations.

Addressing the participants, the Association's Executive Secretary said the establishment of an Act for them as part of the regulatory reforms in the banking and financial sector would be apt.

He said the Association would continue to play its role in providing support for the over 70 percent of people who operated in the informal sector to ensure growth in the socio-economic development of the country.

Government statistician, Professor Samuel Kobina Annim noted that there is a need for micro-credit institutions in the country to focus on issues that are customer centred in order to meet market demands.

Source: Myjoyonline.com