Stop charging high interest rates, Bank of Ghana tells MFIs

Wednesday, August 20, 2014

Microfinance companies have been urged not to charge high, unsustainable interest rates.

This is because such rates, which have been described as worrying, could affect the quantum of deposits at the companies.

The Head of Other Financial Institutions Supervision Department of the Bank of Ghana (BoG), Mr Raymond Amanfu,made the remark at the third annual general meeting (AGM) of the Ghana Association of Microfinance Companies (GAMC) in Accra.

It had the theme: “The role of the second tier microfinance companies in promoting financial inclusion in Ghana”.

Source: Ghana Web (link opens in a new window)

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government, microcredit, microfinance