Still all over again Ghana’s economical solutions field has gone through another metamorphosis! The microfinance sector is the most current to expertise a thoroughly clean-up which observed a whole of 386 institutions collapsed.
Now there are only 168 microfinance and microcredit institutions functioning in Ghana.
With each individual economic purge, inquiries are raised about the manner in which it was carried out.
There are constantly arguments that find to say the regulator, the Bank of Ghana did not do significantly to make certain the sector was on a excellent footing. But the Lender of Ghana believes there was adequate time and warning for these institutions to suitable their wrongs.
On the Enterprise Edition OF PM Express, we hear from Joseph Amoah-Awuah who is the head of other economic institutions supervision at the Lender of Ghana. He argues the collapsed entities experienced enough time to ideal their wrongs.
We then talk to our company, Nkunimdini Asante-Antwi, Director at Generate-Rock Microcredit Companies and Yekson Emmanuel Kugblenu, operator of a now-defunct Microfinance establishment.
It is rare to talk to all those in the thick of things when there’s turmoil in the economic sector and I daresay this is a unusual chance.
We also get a glimpse of what the standard Ghanaian feels about this and how those people who really use their services have been impacted and what they make of it.
The regulator believes after this there is additional to be carried out in the microfinance area.
New procedures and restrictions, as properly as enforcement of pre-present types, will assist offer with these challenges.
For now, we should hold out and see if these moves will in fact restore confidence and have confidence in in the money and banking room. But when can we say it is more than?
Check out movie underneath: