The Ghana Association of Savings and Loans Companies (GHASALC) is pushing for greater industry recognition and policy reforms to strengthen the non-bank financial sector. GHASALC’s call for reform comes at a time of significant expansion in the sector. As of December 2024, the total assets of savings and loans (S&L) companies stood at GH¢9.63billion –

Ghana’s savings and loans industry is calling for a regulatory reclassification, arguing that its current designation fails to reflect its financial strength and market position. Tweneboah Koduah Boakye, Chief Executive of the Ghana Association of Savings and Loans Companies (GHASALC), has urged the Finance Ministry and the Bank of Ghana to support a rebranding effort

The Ghana Association of Savings and Loans Companies (GHASALC) points to a persistent rise in Non-Performing Loans (NPLs), attributing it to public sector workers who borrow funds, default on payments, and leave the country. The Executive Secretary of the association, Tweneboah Koduah Boakye, emphasized that this situation was posing significant operational challenges for savings and

The Ghana Association of Savings and Loans Companies (GHASALC) has attributed the consistent increase in Non-Performing Loans (NPL) to public sector workers who take loans, refuse to pay and travel outside the country. The Executive Secretary of the association, Tweneboah Koduah Boakye said the situation is causing difficult operational challenges to savings and loans companies.

Financial services players have launched an initiative to educate and empower Ghanaians with financial knowledge and information. Known as Financial Literacy and Education Campaign (FLEC), it is being undertaken in collaboration with the German development cooperation (GIZ) and spearheaded by the Ministry of Finance (MoF), the Bank of Ghana (BoG), the Ghana Microfinance Institutions Network

The Savings and Loans (S&L) sector should take steps to leverage emerging technologies to modernise their business models to meet the fast-changing needs of their customers, Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi, has said. That, she said, was important to help the sector to remain relevant to the

The Ghana Association of Savings and Loans Companies (GHASALC) has held its 12th Annual General Meeting (AGM) in Accra under the theme “Driving Financial Inclusion through Digitilization: Role of Savings and Loans Companies.” Mr. Kwame Owusu-Boateng, Board Chairman of GHASALC, stated that the association at its AGM last year met to deliberate on the theme

The Ghana Association of Savings and Loans Companies (GHASLC) has expressed concern about the cost of verification equipment in linking Ghana Card to customers bank accounts. Its Executive Secretary, Tweneboah Kodua Boakye, therefore wants the authorities, particularly the Bank of Ghana to listen to members’ concerns as they work towards full compliance. “A key concern

Savings and Loans industry critical to Ghanaian economy S&L companies disbursed a total of GH¢3.4 billion in net loans for Q1 2022 Code of Ethics and Professional Conduct key for S&L industry Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has underscored the importance of the Savings and Loans industry to the