Gov't To Assist Savings & Loans Companies

President Nana Addo Dankwa Akufo-Addo has offered government assistance to Savings and loans companies to strengthen and grow their capacities. 
 
Speaking at a meeting with Association of Savings and Loans Companies, President Akufo-Addo said government will provide the framework for Entrepreneurship to strive.  

Savings and Loans Companies are considered critical in bridging the gap between the bank and unbanked. 

The Association of Savings and Loans Companies currently as 37 members and employs more than 11 thousand people. 

It has 641 branches across the ten regions with over three point two million customers. 

The Chairman of the Association Kofi Ampofo Agyapong said the Association is poised to help government in the one district one factory policy. 

He enumerated some challenges facing the Association.

One of the issues raised by the Association is the Bank of Ghana's move to raise the minimum capital for Savings and Loans which currently stands at 15 million Ghana Cedis. 

President Akufo-Addo said he is nervous about the decision which could possible allow foreign companies takeover these indigenous ones.

Deputy Minister of Finance, Abena Osei asked the Association to take corporate governance practices seriously.

Story by Radio Ghana's presidential correspondent, Bright Ntramah.

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