Gov’t to roll out microfinance policy by year-end

The government plans to introduce a Microfinance Policy by year-end to streamline operations, enhance financial inclusion, and support economic growth, according to Andrew Amerckson from the Ministry of Finance.

The policy, developed with the Central Bank and stakeholders, aims to mitigate sector risks and does not require a Legislative Instrument (LI) for implementation.

GHASALC CEO Tweneboah Koduah Boakye urged the government to prioritize the policy in the national budget, emphasizing its role in providing capital for SMEs. He also advocated for regulatory reclassification, arguing that some institutions deserve bank status.

Serving 7 million customers with GHS 9.7 billion in assets, the sector faces a 15% non-performing loan ratio, which GHASALC aims to reduce to 5% through its five-year strategic plan.