Wednesday , June 26 2019
Home / Business / Government to bailout “distressed” microfinance companies
Finance Minister Ken Ofori Atta

Government to bailout “distressed” microfinance companies

Government has hinted of a bailout targeted at “distressed” Microfinance and Savings and Loans Institutions, can confirm.

The bailout is necessitated by the inability of microfinance and savings and loans institutions to wind up of their fixed term investments in line with a June 2018 directive by the Commission.

In a letter sighted by and signed by Rev. Daniel Ogbarmey Tetteh, Director General of SEC read in part that: “The Ministry of Finance (MoF) and the Bank of Ghana (BOG) have given indications of a bailout plan targeted at distressed Microfinance and Savings and Loans Institutions.

“In view of this, the Commission (SEC) has started engaging with the Ministry to ensure that our licensees exposed to such distressed deposit taking institutions will be adequately provided for as a step to ease the liquidity crunch/situation for affected licensees.”

The bailout is expected to keep at least 289 microfinance companies in business.


About michael adjei

Check Also

AI Ghana, Sudanese community petition Ambassador over killing and abuse of human rights in Sudan

BY PHILIP ANTOH  | AMNESTY INTERNATIONAL (AI) Ghana yesterday joined hands with the Sudanese …

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media Auto Publish Powered By :