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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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BoG to prosecute unlicensed microfinance institutions

bycitibusinessnews
August 1, 2014
in Business, Top Stories
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The Bank of Ghana says it would close down and prosecute microfinance institutions (MFI), which are operating without licence from the bank.

The Bank is also collaborating with appropriate authorities to investigate MFI, which defraud unsuspecting customers.

Director of other Financial Institutions Supervision Dept,Mr Raymond Amanfo,  said the Bank constantly dialogues with operators in the industry on strategic and operational issues.

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Mr. Amanfo made this known at the panel session on micro-finance,  as part of the Second University of Ghana Business School Conference on Business and Development in Accra on the theme: “Sustainability on Enterprise Development.”

He said the bank sees microfinance institutions in Ghana as agents or catalyst for the realization of the dreams of economic prosperity.

He gave the assurance that  the bank would continue to provide a sound regulatory environment for the micro-finance sector.

“We also expect practitioners to engage in prudent activities, aimed at protecting customers, maximizing profits and providing meaningful micro-finance services to the poor,” he added.

He said the bank would continue to engage the microfinance institutions Apex bodies on issues affecting the industry so as to find workable solutions to existing challenges.

Mr Amanfo said the Central Bank was also helping these institutions to refocus on their primary and core mandate of providing efficient and effective financial services to the poor.

He said some of the challenges facing the micro-finance institutions include poor liquidity management skills due to inexperience weak credit administration, policies and practices, the diversion of loanable funds into unprofitable and unsustainable projects, as well as the irregular submission of prudential returns to the Bank of Ghana.

He said the Central Bank has issued final licences to a total of 447 MFI, with the breakdown as 390 micro-finance companies, 50 money lending companies and seven financial Non-Governmental Organisations.

He said at the end of May, this year, the total assets of these institutions stood at GH₵688.45 million, representing about 1.0 per cent of the total assets of the banking industry.

Loans and advances granted by the micro-finance institutions amounted to GH343.53 million during the same period.

“Total deposits mobilized during the period, on the other hand,  totaled   GH344.75 million with borrowings amounting to GH186.23 million,” he added.

The Director said the bank has started receiving prudential returns from the licensed  MFI, while the bank is also embarking on on-site examination of some of these institutions.

“The Central Bank, in collaboration with the Ministry of Finance has organised series of financial literacy programmes to educate and inform the public on micro-finance activities,” he said.

 

Source: GNA

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