The former Board Chairman of the Ghana Association of Savings and Loans Companies (GHASALC) and the Chief Executive Officer of Opportunity Savings and Loans, Kwame Owusu Boateng, has disclosed some of the measures mapped out to curtail the increase of bad loans particularly loans advanced to public sector workers

This is coming after he attributed the consistent increase in Non-Performing Loans (NPLs) to the default of loans by public sector workers whom majority have travelled overseas.

The situation according to him is creating a difficult operational challenge for savings and loans companies.

Speaking to Joy Business, Mr. Owusu Boateng said there would be strict assessment processes for these public sector workers.

According to him, member companies would deepen collaboration with the Controller and Accountant General's Department to aid in the processes of retrieving their borrowed funds.

"What to expect is there would be some more stringent processes for various categories of salaried workers. We will have different approaches for various categories going forward."

He however ruled out claims that the association would stop lending monies to these public sector workers

About Opportunity International Savings and Loans Ltd

Opportunity International Savings and Loans Ltd., (OISL) is a leading savings and loans institution licensed by the Bank of Ghana in June 2004.

The Institution operates across 10 out of the 16 regions of the country advancing financial inclusion and bringing clients at the base of the pyramid into mainstream financial services using an innovative range of products and services.