Sanitize microfinance industry -Ghana Catholic Bishops’ Conference

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The Ghana Catholic Bishops’ Conference (GCBC) wants the Bank of Ghana (BOG) to put in place tight measures in the microfinance industry to prevent Ghanaians from losing their investments to microfinance companies.

Dozens of micro finance companies have collapsed this year and previous ones over issues with poor management among others.

According to the Ghana Microfinance institutions network (GHAMFIN) over 46 micro finance companies collapsed in 2013 due to bad managerial skills among others.

The industry has also been hit with a tall list of legal suits initiated by customers who have lost their investments following the collapse of these institutions.

The bank of Ghana as part of moves to sanitize the industry set up a department to oversee the industry a few years ago.

Speaking to Citi Business News President of the Ghana Catholic Bishops’ Conference and Bishop of Konongo-Mampong, Most Rev. Joseph Osei-Bonsu appealed to the Bank of Ghana to come to the aid of all those who lose their monies through failed microfinance institutions.

“There should be stricter measures or policies to ensure that those who bank with these microfinance companies don’t suffer, because we hear a lot, individuals and businesses cannot retrieve their monies because the microfinance companies disappear, so we would expect that Bank of Ghana would put in strict measures to ensure that Ghanaians do not lose their monies to these companies.”

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