Business News of Friday, 31 May 2019Source: Myjoyonline.comThere will be no job losses - BoG assures after licenses revocationDr. Ernest Addison, BoG GovernorThe Bank of Ghana has said per its records, there will be no job losses following the revocation of licences of 386 microfinance and microcredit companies. Answer: Insolvent financial institutions threaten the stability of and undermine confidence in the entire financial system. Is it still safe to do business with microfinance companies and microcredit companies? Act 774 does not provide for receivership proceedings unlike Act 930 which regulate deposit-taking institutions like the microfinance institutions. The lessons learned include the fact that weak financial institutions cannot help promote financial inclusion.

Source: GhanaWeb May 31, 2019 19:07 UTC