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BoG asks for GH¢700m to clean up microfinance industry

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The Central Bank is to commence a cleanup of the microfinance sector in the second quarter of this year.

Although the Governor Dr. Ernest Addison was unable to give an exact date for the exercise, he told the media, that the exercise is estimated at a little under ¢700 million and not seven billion as is being speculated.

The move comes on the heel of a cleanup of the Banking sector.

Dr. Addison stressed the need for a structural change in the country’s economy as it is one of the surest ways of keeping the local currency in check.

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