NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, October 6, 2014

Some microfinance companies are doubtful of meeting the Bank of Ghana’s set deadline of June 2016 to shore-up their paid capital to as per the revised regulations.

The regulator last year reviewed upward the minimum capital requirements for deposits and non-deposits — taking microfinance institutions to GH¢300,000 and GH¢500,000 respectively and giving existing companies that fall short of the capital up to June 30, 2016 to comply.

But Collins Amponsah-Mensah, National Board Chairperson of the Ghana Association of Microfinance Companies (GAMC), told the B&FT microfinance companies have had tough times in the last two years.