Regulatory policy,not a fleecing strategy-BOG

Mr. Raymond Amanfu, Head of Banking Supervision at the Bank of Ghana (BOG), says the central bank’s strive to regulate the activities of Susu “thrift” companies and other credit and loan firms is not meant to fleece them.

He said the policy which is not new is to protect their clients, as well as ensure the companies were committed to their business.

Mr. Amanfu was speaking at a public forum in Ho on Friday as part of the third National Finance Literacy Week on the theme, “Creating Wealth and Financial Stability”.

He said demands of the BOG that these companies deposited money, provide evidence of responsible management and security checks on company owners is to insure the owners had a stake in their companies.

Mr. Amanfu said the companies were categorized into susu collectors, Non Governmental Organisations in some form of credit business, micro-finance firms, each with specific qualification demands.

The forum was attended by tailors and dressmakers, hairdressers and beauticians as well as credit union groups, who according to a programme organizer were often defrauded by loan companies.

Other speakers were; Mr. Mark Abotsi, representing the National Insurance Company and Mrs Leonie Atayie, Securities and Exchange Commission.

Mr. Abotsi spoke about the need for people to cover their properties and transactions by the numerous insurance policies being traded by the Insurance firms while Mrs Atayie said companies registered under the Security and Exchange Commission could help individuals, families and companies invest wisely.

Concerns during question time include the slow nature of insurance claims processing and high deposits for credit companies.**