Monday, 18 June 2012 08:16
Mr Raymond Amanfu, Head of Banking Supervision at the Bank of Ghana (BOG), says the central bank’s strive to regulate the activities of ‘Susu’ thrift companies and other credit and loan firms is not meant to fleece them.
He said the policy, which is not new, is to protect their clients, as well as ensure that the companies are committed to their business.
Mr Amanfu was speaking at a public forum in Ho in the Volta Region over the weekend as part of the third National Finance Literacy Week on the theme, ‘Creating Wealth and Financial Stability’.
He said demands of the BOG that these companies deposit money, provide evidence of responsible management and security checks on company owners was to insure the owners to have a stake in their companies.
Mr Amanfu said the companies were categorised into Susu collectors, Non Governmental Organisations (NGOs) in some form of credit business and micro-finance firms, each with specific qualification demands.
The forum was attended by tailors and dressmakers, hairdressers and beauticians as well as credit union groups.
Other speakers were Mr Mark Abotsi, representative of the National Insurance Company and Mrs Leonie Atayie, of the Securities and Exchange Commission.
Mr Abotsi spoke about the need for people to cover their properties and transactions by the numerous insurance policies being traded by the Insurance firms while Mrs Atayie said companies registered under the Security and Exchange Commission can help individuals, families and companies invest wisely.
Concerns during question time included the slow nature of insurance claims processing and high deposits for credit companies.