The Accra Zone of the Ghana Association of Microfinance Companies (GAMC) has held its first Directors Breakfast Forum in Accra, bringing together about hundred directors and financiers of microfinance institutions (MFIs) who are members of the association.

The participants were drawn from the Eastern, Volta, Greater Accra regions and the Kasoa Zone on account of its nearness to Accra.

The Breakfast Forum was initiated a year ago to afford heads of MFIs the platform to share ideas about the industry in the effort to help build strong microfinance institutions, as well as minimise instances of wrongful relay of messages along company ranks.

The National Vice-Chairperson of GAMC, Mr Ekow Boham, said such meetings were of pivotal importance to the resolution of unstable situations within the microfinance industry, as decisions taken enabled the association to build stronger institutions.

The Executive Secretary of GAMC, Mr Richard Amaning, said the association would soon establish an apex bank that would be entrusted with the task of controlling, supervising and regulating promotions. He said the bank will as well initiate development and planning procedures within the industry.

He said the apex bank would also influence the management and growth of microfinance institutions through its various policies, directions and regulations.

“Its role in management basically would be to ensure that a strong foundation is laid for the functioning of MFIs,” he said.

Mr K. S. Osei of the Banking Supervision Unit of the Bank of Ghana (BOG) said in view of the increasing numbers of operators in the microfinance industry, a special microfinance unit has been set up to monitor and measure the capacity of MFIs to enhance stakeholder satisfaction and ensure viability of the sector.

“Henceforth any microfinance instituition found to be operating outside the law would be closed down immediately,” he said.

In a key note address, Mr Matthew Afram, of the Responsible Finance Project, charged MFIs to be more transparent, fair in their pricing and treat their customers with dignity.