The Ghana Association of Microfinance Companies (GAMC) has petitioned the Bank of Ghana (BoG) to make it mandatory for all micro finance institutions under Tier-2 to belong to GAMC for the purposes of supervision.
“We do not want to be an association that will fall under third party for sponsorship — we should be able to live above reproach,” Mr. Collins Amponsah-Mensah, the National Board Chairman of GAMC, said in an interview with B&FT.
He explained that before July 2011, there was no regulation for Microfinance companies operating in the country; adding, “BoG came out with guidelines in 2011 to regulate the activities of microfinance institutions, which were categorised in tiers”.
He said since publication of the guidelines, 120 applications have been sent to BoG for approval, and urged companies whose activities involved deposit and taking of loans as well as lending to register with the GAMC and apply to the BoG for licence.
Mr. Amponsah-Mensah added that plans are far advanced for the establishment of a GAMC village — explaining that a GAMC village would build an internal faculty to train members to be equipped for dealing with changes in the industry.
By Juliet AGUIAR, Takoradi
