GAMC has asked BoG to consider the proposed reforms’ implementation schedule.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd

The Ghana Association of Microfinance Companies (GAMC) has pleaded with the Bank of Ghana (BoG) to review the implementation timeline of its proposed reforms for the microfinance sector.

They warn that the measures could force many institutions out of business and undermine financial inclusion.

Under the proposed reforms, microfinance institutions seeking to operate as Microfinance Banks would be required to meet a minimum capital threshold of GH¢50 million by the end of December 31, 2026.

Institutions that fail to comply may have to merge, be acquired, downgrade their licences, or cease operations.

Source: newsthemegh.com