The Ghanaian press on Tuesday highlights the announcement by the Bank of Ghana (BoG) of a special exercise to clean up the microfinance sector in line with the reforms introduced in the banking sector.
The Daily Graphic and Graphic Times all focus on the story, saying the central bank will by the second quarter of the year, begin the process to clean up the micro finance sector to help build a strong and vibrant microfinance sector to protect investments of depositors in the sector.
The Governor of the BoG, Dr. Ernest Addison, who made this known, said it would cost the nation about $150 million to sanitise the microfinance sector.
He noted that the BoG in consultation with the Ministry of Finance has secured finances for the exercise aimed at cleaning the microfinance sector of poor corporate governance, poor credit risk controls and high interest rates on loans to customers among others.
The reforms will help streamline the activities of over 319 microfinance companies spread across the country as a means to strengthening the economy.
DAP/GIK/APA