Bank of Ghana
Bank of Ghana

It could be recall that the Bank of Ghana (BoG) had on Tuesday, January 6, 2016 revoked the licenses of some 70 microfinance and money lending firms across the country for their inability to  meet the requirements of the Bank of Ghana after the expiration of their 6 months provisional license.

Bank of Ghana
Bank of Ghana

Sources at the Bank of Ghana said, the proliferation of unlicensed institutions and fun clubs is becoming a worrisome situation with these clubs springing up day by day especially in Upper East, Upper West, Northern and the Western regions hence the decision of BoG to enact tougher sanctions on illegal firms.

Source: Newsghana.com.gh

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