An apex body to govern Susu collection in the country is expected to become operational in June this year.
Susu collectors provide an informal means for Ghanaians to save and access credit. The industry has however being fraught with fraud and illegalities.
Operators of the traditional microfinance industry are presently governed by a self-regulatory framework, adopted with the institutional support of the Central Bank and the Finance Ministry.
Government is now facilitating series of consultative meetings for individual Susu collectors and companies to merge under the Ghana Cooperative Susu Collectors Association.
President of the association, Emmanuel Aboagye-Manu, is hopeful a policy blueprint would soon receive legal backing to minimize fraudulent activities in the sector.
The Association has for the past three years pushed for a legal framework to integrate traditional susu collectors into the semi-formal micro-finance sector.
Mr. Aboagye-Manu tells Luv Fm the association has the support of the Central Bank and the security services to flush out unscrupulous operators of susu in the county beginning next month.
He entreated unregistered members to join the GCSCA in their own interest.
Story by Kofi Adu Domfeh
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