Association of Microfinance Institutions has admired the Bank of Ghana (BoG) action to stop the issuance of licenses to new micro finance companies in Ghana.
Association declared, the move of stop issuing licenses will help the central bank in its agenda to disinfect and reinforce the microfinance sector.
Dr. Ernest Addison, The Governor of the Bank of Ghana, disclosed that the central bank will for the time being stop the issuance of licenses for Micro Finance Institutions starting this year—2018.
Media reported at least 7 separate cases of people losing their money from last year from differentmicrofinance Institutions.
President of the Association, Joseph Donkor said while speaking to the media on the matter, close collaboration between the BoG and micro finance institutions will be vital for the growth of the financial sector.
He said, “As an association, we think that the efficiency of the supervision by the Bank of Ghana will be improved through close teamwork with us. This will help to sanitize the microfinance industry. So we maintain the decision that has been taken by the BoG to for the time being stop the issuance of microfinance institutions.
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