Chief operating officer of Goldman Capital, Atta Gyamfi Jnr is calling for stringent measures to address loan defaults to prevent collapse of micro financial institutions in the country.

According to him, defaulting of loans remain a major challenge facing the industry.

Speaking to Joy Business on the sidelines of a programme to mark five years of the company which is wholly Ghanaian owned, Mr. Atta Gyamfi said the practice where customers take loans for personal comfort rather than channel it into profitable business must stop.

To arrest this challenge, he said Goldman Capital has adopted what he called post disbursement monitoring.

“Once we give the loan today, by next week we have to do a follow up to ensure that the client buys what he or she said they were going to buy, if not, immediately we call the client and try to recall the loan,” he noted.  

Atta Gyamfi also admitted the severe loading exercise has affected a number of businesses’ ability to pay back their loans.

The 5^th anniversary of Goldman Capital is the under theme: “Service, Stability and Integrity. The company which started with just three staff can now boast of about 125 staff.

Atta Gyamfi also remarked: “Over the years, as the needs of our customers has grown, we have strived to respond to every challenge with zeal and remained focused and committed to our mission and values i.e. to provide tailor-made financial solutions delivered to reach our clients in an affordable, effective, professional and mutually beneficial way.”