'Collapsed' Microfinance Institutions To Petition BoG

Some of the microfinance institutions that had their licenses revoked have decided to petition the Bank of Ghana (BoG).

BoG revoked the licences of 347 Microfinance Companies, with effect from Friday, May 31st.

This involves the revocation of licences of 192 insolvent microfinance companies and another 155 insolvent microfinance companies that have already ceased operations.

But speaking to Kwami Sefa Kayi in an interview on Peace FM's morning show 'Kokrokoo', Joyce Frimpong, board member, Ghana Association of Microfinance Companies said some of the institutions had finished 'putting their houses in order' and were about to submit to the central bank.

"We will submit our petition and we hope they will consider," she asserted.

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