Microfinance In Ghana Thesis

Microfinance In Ghana Thesis-55
Further, effective and efficient microfinance institutions are required to be active members of the Ghana Association of Microfinance Companies (GAMC).

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The investment option available at most microfinance institutions is fixed deposits.This affirms the valuable role of microfinance services in free market economies such as Ghana.Licencing of microfinance institutions After their incorporation, microfinance institutions acquire provisional licence required for their operations from the Bank of Ghana (Bo G); the licenced microfinance institutions are subsequently issued with a perpetual licence by the Bank of Ghana to fully authenticate their operations in the country.In spite of the seeming challenges militating against their success and meaningful contribution to the development and growth of the Ghanaian economy, many microfinance institutions operating within our jurisdiction are striving for innovation and excellence.Microfinance institutions in good standing As at July 2016, the non-bank financial sector could boast of about 385 microfinance companies, 60 money lending institutions, and 10 financial non-governmental organisations (NGOs) in good standing with the Bank of Ghana, the Regulator.These non-bank financial institutions have satisfied the necessary conditions to facilitate their operations; and to receive funds from the public.The inclusion of these microfinance companies on the list affirms their strict adherence to existing rules and regulations governing the financial industry; and their readiness to make significant strides in the financial market.Connoisseurs of activities in the financial sector believe the introduction of microfinance institutions is timely to fill the lending void created in the financial industry.That is, the presence of microfinance institutions allows individuals, small- and medium scale enterprises (SMEs) to access loans for sustainable operations, development and growth of their businesses; and the Ghanaian economy.In addition, data were collected on healthcare, clothing, housing, and respondents’ educational attainments as means for verification of the impact microfinance has on the social welfare of people engaged in non-farm activities.As regards the relationship between microfinance and social welfare of the beneficiaries, we found a positive impact of microfinance on the respondents’ clothing, healthcare, and educational attainments.

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