Bank of Ghana to weed out unscrupulous microfinance institutions
The Bank of Ghana (BoG) is strengthening its licensing requirements in order to weed out unscrupulous microfinance institutions from the system. Dr Abdul-Nashiru Issahaku, the Governor of Bank of Ghana, said recent events had shown that unregulated and poorly supervised financial systems might lead to risky behaviours and undermine the growth process.
He said for this reason the Bank was taking steps to continually improve its regulatory and supervisory responsibilities to ensure that only strong and well-managed banks and microfinance institutions operated in the country. Dr Issahaku made these remarks at the fifth Ghana Economic Forum in Accra.
The two-day forum, which is being organised by the Business & Financial Times, is on the theme: “A Ghanaian-owned Economy – Setting the Agenda for Achieving It.”
The theme was chosen to reflect the increasing need for more high-end jobs and investments in the economy that would keep monies home even as foreign direct investments takes its share.