Operators of microfinance urged to do the right thing-BoG
6/16/2012 9:00:39 PM -
Newsite WR, June 16, GNA - Mrs. Patience Yeboah-Nkansah, Deputy Chief Manager, Micro-finance Unit of the Bank of Ghana, on Friday appealed to operators of microfinance and financial institutions to obtain licences to ensure harmony in that sector.
She also called on the public to serve as watchdog on the the operators to enable the Bank of Ghana rid off unscrupulous financial institutions that dupe people of their money.
Mrs. Yeboah-Nkansah made the call at the third national Financial Literacy week, organised by Ministry of Finance and Economic Planning for the public in Takoradi in the Western Region.
The Financial Literacy week observed on the theme: 'Financial Literacy - Wealth Creation and Financial Stability,' would help deepen financial intermediation, broaden inclusion to attract the un-banked and uninsured, protect the public against fraud as well as instil financial discipline in consumers of financial services.
The public forum brought together people from both the formal and informal sectors of the economy, students, microfinance institutions, credit union associations, tailors and dressmakers associations and hair dressers and beautician associations.
Mrs. Yeboah-Nkansah said that promoting financial literacy would empower consumers to better understand and manage financial risk, deal effectively with market complexity and take advantage of increasing competition in the financial sector toward a stronger economic.
She said the forum also provided a platform for interaction among financial sector policy makers, regulators, financial institutions and consumers with focus on information dissemination as well as addressing consumer concerns.
Mrs. Yeboah-Nkansah said building confidence in the financial sector demanded that operators did the right things, and called for vigilance among the public and operators.
Ms Yvonne Quansah, Director, Financial Sector Division of the Ministry, said research had proven that financial literacy and development was a prerequisite and a pillar for a sustained growth.
She said that adequate financial knowledge and skills was necessary to empower consumers in that sector.
This according to the Director justified the need for a comprehensive approach towards financial education in Ghana to improve saving culture.
Ms. Quansah said: 'It is my hope that financial institutions as agents will identify various means through which financial knowledge could reach out to the vast majority of Ghanaians and establish approaches to change attitudes towards access to finance.'