The Bank of Ghana (BoG) has indicated that it is set to turn its attention on the savings and loans companies after sanitizing the banking sector.
The central bank, explained that the decision is to ensure that operators meet all the necessary requirement required by law.
The Central Bank insists it has given enough time to the savings and loans companies to clean up their institutions.
In an interview with Citi Business News, the Executive Secretary of the Savings and Loans Association of Ghana, Tweneboa Kodua said his outfit will comply with the BoG’s regulations for the Savings and Loans Association by urging its members to take steps in abiding by any regulations announced by the BoG.
He stated that the association is in constant touch with the central bank to inform its members of acceptable rules and regulations announced by the Bank of Ghana.
“The reality is that the regulator is continuously reviewing the processes and procedures and also supervisory role. Where we sit, nobody except the regulator can determine that a particular institution does not have the license,”.
Mr. Kodua stressed that the continuous engagement with the central bank has always provided an opportunity for members of the association to avoid breaking the regulator’s directives.
“Where we sit as an association, we continuously encourage our members to make sure that they continuously operate within the law and also ensure that their businesses are not beyond what is expected to be, but rather live within the premise of the law”, he explained. Read Full Story
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