Bank of Ghana deadline unsettles microfinance companies
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.