46 microfinance institutions collapse in 2013

As many as 46 microfinance institutions collapsed last year due to the depreciation of the cedi, high cost of living, and upward adjustment of the capital requirement by Bank of Ghana and inexperience.

According to the Council Chairman of the Ghana Microfinance institutions, Network, GHAMFIN, Emmanuel Darko, these factors resulted in rampant withdrawals of deposits by clients leading to the collapse of the institutions.

He was speaking at the 6th annual general meeting of GHAMFIN in Accra.

GBC