Ghana closes 72% of its microfinance firms

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The Bank of Ghana has revoked the licences of 347 microfinance firms due to insolvency, closing nearly three-quarters of the industry.

In a statement released on May 31, the central bank said it had revoked the licences of 192 insolvent microfinance companies and another 155 insolvent microfinance firms that had already ceased operations. This represents 72% of all microfinance firms in Ghana.

The intention is “to get rid of insolvent and dormant institutions that have no reasonable prospects

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