During the next three months, the Bank of Ghana, the country’s central bank, reportedly will raise the minimum capital requirement for microfinance institutions (MFIs) to GHS 1 million (USD 263,000). The current minima range from GHS 100,000 (USD 26,000) to GHS 500,000 (USD 132,000) for various categories of MFIs.
The move comes as the Bank of Ghana is working to shut down MFIs that are operating illegally. It is reported that there are over 100 such institutions.
By the MicroCapital Team
Sources and Additional Resources:
GhanaWeb; “BoG to implement GH¢1m capital requirement for microfinance;” http://www.ghanaweb.com/
MicroCapital; September 22, 2014; “Bank of Ghana (BoG) Closes Down Illegal Microfinance Institutions, Increases Capital Requirements;” https://www.microcapital.org/
MIX Market data on Ghana: http://mixmarket.org/mfi/
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