Microfinance sector cleanup set for 2nd quarter with GHC700m budget

The central bank is set to clean the microfinance sector in the second quarter of the year according to Governor Ernest Addison.

The Bank of Ghana governor submitted GHc700 million has been agreed with the finance minister to conduct the exercise adding there commitment is there although the exact date has not been settled on.

Governor Addison submitted there’s need for a new modality for a structural change in the economy adding unless that was done the Cedi will gravitate towards one direction, which is downwards.

He noted services in the oil and gas; shipping and insurance industries must be dominated by resident Ghanaians adding the import regime must be streamlined to curtail excessive imports.