The specialized deposit taking institutions of which the savings and loans companies are dominant is fast growing amidst intense competition. The sector contributed 14.4% of the banking industry’s total assets as at end September 2016 and poised to grow further as Bank of Ghana continues to receive applications from prospective institutions.  Presently, there are 29 licensed Savings and Loans companies and will urge you to ride on the back of innovation and technology to gain a foot hold in the market.

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Let me put things into context by stating some facts about Agriculture. The statistics we all know show that on average, Agricultural Sector accounts for about 22 Percent of GDP. However, the sector receives an average of 4.0 percent of bank lending. If we are to succeed in transforming agriculture and promoting agribusiness in Ghana then we must scale up financing to the sector. 

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The objective for introducing  the Universal banking concept was to allow all banks in the country that comply with the prescribed capital requirements the freedom to engage in some or all permissible banking business activities without restrictions. This has resulted in banks penetrating into new and active markets with the view to increasing market share and profitability.

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The Bank of Ghana has the noble intention of nurturing the microfinance sector in Ghana because of its huge potential to push the financial inclusion agenda forward and alleviate poverty among the majority of our people. We see microfinance companies (MFCs) as agents and catalysts for the realisation of the dream of economic prosperity.

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