Closed down micro-finance companies violated BoG regulation 

The Head of Banking Supervision at the Bank of Ghana, Raymond Amanful says the Micro-finance companies that were closed down violated the Bank of Ghana regulations. 

He said Bank of Ghana only gave some of these micro-finance companies approval in principal which is for them to bring their business proposals, show the Bank of Ghana their capital among others before the bank gives them final approval. 

But these companies after being given the approval in principal went ahead to operate, hence the challenges. Mr Amanful was talking on GBC's Current Affairs Program Talking Point. 

Also on the program was a Lawyer and Lecturer at the Central University College, Yaw Oppong, in his view the micro finance scandal has exposed the inefficiencies in the supervisory role of the Bank of Ghana. 

A Financial Analyst, Isaac Adongo however, says "for once, the Bank of Ghana has been pro active in its quest to salvage the situation by revoking the licences of seventy of such micro finance institutions. 

He described the move as welcome, adding that the time for the Bank of Ghana to bite is now. He said the Central Bank should not be blamed for what he described as the criminal activities of these micro finance companies. 


GBC