BOG initiates new reforms to sanitise microfinance industry 

The Bank of Ghana (BOG) is to outline new reforms to sanitise the country's microfinance industry. 

These reforms are expected to among other things provide a comprehensive plan by the central bank to improve activities in the microfinance industry. 

This also comes on the back of reports of customers losing their investments to some microfinance institutions when their operations are suspended over inefficiencies.  

In a publication, the BoG said there is a total of 319, micro finance institutions in good standing. 

A further breakdown also shows there are 40 money lending institutions, 6 Financial NGOs as well as 273, microfinance institutions. 

The Governor of the Bank of Ghana, Dr. Ernest Addison has already served notice that the central bank will not issue any new license this year.  

This is to allow the central bank strengthen control and supervision of the activities of the financial institutions.

SOURCE: CITI
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