Executive Secretary of the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboah Kodua Boakye has challenged the Bank of Ghana to set clear policies for savings and loans companies in the country.

This follows the numerous reported cases of financial scams recorded in the sector over the years.

He noted that savings and loans companies serve as a bridge between commercial banks and lower tier microfinance sector, therefore being a critical component in the financial inclusion agenda of the country, it will need efficient policy regulation.

“The Association has seen an exponential improvement in the relationship and collaboration with the regulator (BoG) over the past few years and we want to encourage more of that,” he said. 

He thinks there is more room for improvement as the regulator and the Ministry of Finance continue to engage them (savings and loans companies) in policy formulation and discourse on sectorial national issues.

Tweneboah Kodua Boakye made the appeal when speaking at GHASALC's 8th annual general meeting in Accra.

The banking supervision department of the bank of Ghana has been criticized by some industry players for lack of proper monitoring on the savings and loans and other financial institutions.

According to the Ghana Association of Savings and Loans companies, it is ready to collaborate with the central bank to flush out unlicensed operators in the system if the supervision department exhibits the commitment.

The Association manages more than 45 per cent of the total non-bank financial institutions assets in the country.