Mr Fiifi Kwetey, Minister of State at the Presidency in Charge of Financial and Allied Institutions said on Wednesday that the short-term profit making business ventures were bane to the national drive for development.
He was speaking at a Stakeholders Forum organised by the Money Lenders Association Ghana (MLAG) ahead of the Associations Annual General Meeting held in Accra.
Mr Kwetey reminded members of the Association of their responsibilities of assisting operators in the informal sector to have access to credit facilities at a cheaper rate and cautioned the members not to exploit the lenders.
Mr Kwetey said members of MLAG could roll out innovative and quality ways of creating sustainable profit on a larger platform.
Mr Fidilis Bazaanaa, Deputy General Manager of Operations with the Co-operative Union Association called on the money lenders to apply due diligence to avoid delinquent loans.
He proposed improved internal control measures such as hiring honest and integrity-keeping staff, good record and accounting system as a means of checking and avoiding delinquent loans.
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