Savings & Loans CEOs meet

The Ghana Association of Savings and Loans Companies (GHASALC), as part of efforts to build a solid platform for the enhancement of savings and loans companies, has met Chief Executive Officers (CEOs) of 24 companies in Accra for the third time this year.

The meeting, under the theme, ‘Meet the Regulator: addressing the operational challenges affecting Savings and Loans Companies in Ghana,’ was aimed at ensuring the sustainability and growth of the companies and their customers for the development of national economy.

The third CEO meeting was also organized to address challenges facing Savings and Loans Companies identified earlier this year during the first meeting in January 22nd.

The meeting also sought to thoroughly discuss the strategic direction of the Association in its quest to develop the strategic plan to guide the Association’s operations.

Dr Joseph France, Banking Supervision Department, Bank of Ghana (BoG), assured the CEOs that the regulator was ready to collaborate with the Savings and Loans Companies to deepen financial inclusion.

He said Bank of Ghana (BoG) will further check the activities of microfinance companies parading as savings and loans companies.

Dr. Emmanuel Owusu, President, GHASALC, lauded member companies for continuously supporting the operations of the association.

He said through the collective efforts of the Executive Council and members, GHASALC had addressed a number of issues affecting them.

Ghana Association of Savings and Loans Companies (GHASALC) was founded in September 2008 under the Company’s ACT 1963 (ACT 179) and was adopted as a company limited by guarantee.

With its head offices in Accra, GHASALC, a non-governmental organisation, today represents 24 Savings and Loans Companies in the TIER 1 category of the Banking Act 2004 (Act 673).