Bank of Ghana is facing the accusations of unfair treatment from blacklisted microfinance companies over the cancelation of their licences. BoG operation involved almost 386 microfinance and microcredit companies and it canceled the licences of 192 microfinance companies.
Bank of Ghana also ordered 155 microfinance companies to stop their working. Central Bank took the decision under Banks and Specialized Deposit-Taking Institutions Act, section 123 (1). This act allows the Central Bank to cancel the licence of an insolvent bank or SDI. Meanwhile, affected companies are protesting against the action.
One of the company’s founder said that he initiated his business with the investment of Ghc 100,000 along with another partner. His aim was to help low-income workers to access loans. We have made a number of reforms before and after BoG 2018 inspection including renewal of the license. They acted upon all measures and update the bank with all matters but remained shocked when their license canceled.
He admitted that he has given the loan of around two million Ghana cedis but recent directive has made it a difficult task. He requested the general public to pay their loans on time and BoG should consider investors too while taking action against them. However, BoG has defended its actions with arguments.
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