3rd Non-Bank Financial Institutions Awards held

The second deputy governor of the Bank of Ghana (BOG), Elsie Addo Awadzi, says stakeholders in the microfinance sector must work out modalities that will synergise their sector with the formal banking sector to achieve financial inclusion that will encompass all Ghanaians.

She said the informal sector, comprises 80 per cent of the country’s workforce, which is a cornerstone of the economy, adding that addressing their financial situation will spur the growth and development of the country.

“The informal sector, despite its significance to our GDP, has often been excluded from formal services. This exclusion limits the sector's potential, trapping many in a cycle of poverty,” she stated.

She stated these in a speech read on her behalf by Ms Sarah Ofori, an official of the BOG, at the 3rd Non-Bank Financial Institutions Awards held at the Wesley Towers at Ridge in Accra last Friday.

The director of the financial sector division of the Ministry of Finance, Sampson Akligoh, extolled the role played by microfinance institutions, saying as a major financier of the Small and Medium Enterprises (SMEs), which accounts for 70 per cent of the country’s GDP, it has become a major tool for poverty alleviation and economic development of the country.

“Data available indicates that as at the end of December 2020, Micro-Financial Institutions (MFls) served over 13.818 million clients across all 16 regions and districts of Ghana, created over 30,000 direct jobs, with combined assets of about GHS14.750 billion and disbursed loans to about a million individuals and businesses (GHAMFIN Data Unit 2021); there has been significant improvement in 2022, managing more than GH¢17.8 billion in assets, employing over 34,000 people directly, serving more than 15.3million clients throughout the 16 regions of Ghana,” he stated.

Awards

Various individuals and companies were awarded for their valuable contributions to the sector.

The awards ceremony began with special awards to Yaw Sarpong, Patience Yeboah Nkansah, James Kwesi Addison, Johnson Wotu, Tweneboah Kodua Boakye and Edmund Benjamin-Addy for their contributions to the non-bank financial sector.

For the most gender-focused financial institutions, Pan-African Savings and Loans Limited, CediBest Susu Enterprise, Abrabopa Micro-Credit Enterprise and Salt to Ghana-FNGO, Baobab Micro-finance and Global View Cooperative Credit Union went home with their plaques and mementoes.

Bayport Savings and Loans, Economic Miracle Susu Enterprise and Deyes plus Micro-Credit, Salt to Ghana-FNGO, Success for People Microfinance Limited and UEW Cooperative Credit Union were rewarded with mementoes for their contribution to financial literacy while Pan African Savings and Loans, 52 Weeks Susu Enterprise, Excel Plus Micro-Credit Enterprise, Maroon Capital Microfinance and Swedru Teachers Cooperative Union went home with the Most Innovative Products of the Year Award.