The executive body of the Ghana Association of Savings and Loans Companies (GHASALC) has assured its customers and the general public that the sector remains in good health and can serve its customers in the near- and long-term.
Some customers of certain savings and loans companies have been going through a period of uncertainty and experiencing difficulties in accessing their deposits.
For instance, customers of First Allied Savings and Loans recently petitioned Asantehene Otumfuo Osei Tutu II to intervene in connection with the financial institution’s refusal to allow customers to make withdrawals.
The Bank of Ghana (BoG) has also served notice that it would soon liquidate all microfinance institutions (MFIs) that are insolvent following the sanitisation of the banking sector.
Governor of the BoG, Dr Ernest Addison, said on Monday, 24 September 2018 following a Monetary Policy Committee (MPC) meeting that the central bank is engaged in discussions with the Ministry of Finance, and soon a clear roadmap will be drafted for sanitising the microfinance sector.
GHASALC, in a statement, has, however, assured all customers that the sector is vibrant and evolving and ready to serve its customers better.
“The greater majority of members are stable and customers should maintain their confidence in these institutions they have worked with over the years. Customers should, therefore, disregard publications and rumours that suggest that the Savings & Loans sector is collapsing.
“We are working very closely with the Bank of Ghana to ensure we are positioned to achieve our core mandate, which is, to bring good and reliable banking services to Ghanaians,” the statement said.
GHASALC noted that for nearly 30 years, the Savings and Loans sector has been serving Micro, Small and Medium Enterprises (MSMEs), and have been taking higher risks for its customers and have been at the helm of economic development with innovative and tailored banking services.
“We, therefore, plead with our esteemed customers to maintain the level of faith and confidence reposed in us over the years and for the general public to engage us to obtain accurate information,” the statement concluded.
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