The Executive Director of the Ghana Microfinance Institutions Network, Yaw Gyamfi, has stated that the Bank of Ghana’s recent revocation of the licenses of 347 microfinance organisations is a wakeup call especially to the outstanding 137 companies that survived the clean-up.
Mr. Gyamfi speaking on the Citi Breakfast Show on Tuesday stated that there is the need for the remaining companies to step their efforts especially relating to corporate governance as well as compliance with the regulator’s requirements.
“From the association’s perspective, we need to up the game on certain fronts. For instance, we should be able to ensure that every member adheres to our code of conduct, in terms of transparency with clients; clients’ protection activities etc.
We need to make sure that our members are able to meet the governance structure that the BoG requires as well as other principles for ensuring sound microfinance company,” Mr. Gyamfi said.
The Bank of Ghana last Friday announced that it has revoked the licences of 347 microfinance companies and 39 microcredit companies. The central bank subsequently announced that it has committed GHS900 million to reimburse depositors via receivership process.
Mr. Eric Nana Nipah of PricewaterhouseCoopers (Pwc) was named as the receiver.