Yet again Ghana's financial services industry has undergone another metamorphosis! The microfinance sector is the latest to experience a clean-up which saw a total of 386 institutions collapsed.
Today there are only 168 microfinance and microcredit institutions operating in Ghana.
With every financial purge, questions are raised about the manner in which it was carried out.
There are always arguments that seek to say the regulator, the Bank of Ghana did not do much to ensure the sector was on a good footing. But the Bank of Ghana believes there was enough time and warning for these institutions to correct their wrongs.
On the BUSINESS EDITION OF PM EXPRESS, we hear from Joseph Amoah-Awuah who is the head of other financial institutions supervision at the Bank of Ghana. He argues the collapsed entities had ample time to right their wrongs.
We then speak to our guests, Nkunimdini Asante-Antwi, Director at Yield-Rock Microcredit Services and Yekson Emmanuel Kugblenu, owner of a now-defunct Microfinance institution.
It is rare to speak to those in the thick of things when there's turmoil in the financial sector and I daresay this is a rare opportunity.
We also get a glimpse of what the ordinary Ghanaian feels about this and how those who actually use their services have been affected and what they make of it.
The regulator believes after this there is more to be done in the microfinance space.
New rules and regulations, as well as enforcement of pre-existing ones, will help deal with these challenges.
For now, we must wait and see if these moves will indeed restore confidence and trust in the financial and banking space. But when can we say it is over?
Watch video below: