• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

GHASALC Calls for Regulatory Reclassification of Savings and Loans Sector

8 months ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
247
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

GHASALC Calls for Regulatory Reclassification of Savings and Loans Sector

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 that would better position the sector.

Speaking at the launch of the association’s five-year strategic plan, he noted that many institutions in the segment now rival the size of banks from a decade ago.

“The current designation does not serve us well. We need the regulator to support the development of the middle tier and recognise that we deserve to be called a bank, given that our balance sheets now exceed those of some banks five or ten years ago,” Mr Boakye said.

The industry, which serves more than 7 million customers nationwide, has a cumulative asset base of GHS 9.7 billion.

RelatedPosts

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi

Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation

GAB CEO Urge Ghanaians to Prioritise Use of Cedi 

However, it continues to face challenges, including a non-performing loan (NPL) ratio of 15%. GHASALC aims to bring this down to 5% as part of its long-term growth strategy.

Mr Boakye also called on the government to accelerate the implementation of a national microfinance policy developed by the Ghana Microfinance Institutions Network (GHAMFIN) and the German development agency GIZ.

The policy, set to replace outdated regulatory frameworks, aims to refocus the sector’s social mission while strengthening its supervisory mechanisms.

GHASALC’s new strategic plan prioritises the expansion of financing for micro, small, and medium-sized enterprises (MSMEs) and households, underscoring the sector’s role in deepening financial inclusion in Ghana.

 

Tags: GHASALCGHASALC Calls for Regulatory Reclassification of Savings and Loans SectorSavings and Loans Companies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

GAB CEO Urges Ghanaians to Support Efforts in Safeguarding Cedi Stability

From Shells to Screens: Experience 60 Years of the Ghana Cedi in Augmented Reality

Gold Price Bounces Back Above $4,000

Ghana Risks Losing Competitive Edge in Oil Sector – Dr Theo Acheampong Warns

BoG Maintains High Short-Term Yields, Raises GHS3.13bn in Auction as Investor Demand Stays Firm

Republic Bank Ghana’s Assets Rise to GHS 9.76bn in Q3 2025 on Strong Loan and Cash Growth

Trending

Business

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi

October 28, 2025

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi Vice...

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama,

Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation

October 28, 2025

GAB CEO Urge Ghanaians to Prioritise Use of Cedi 

October 28, 2025

GAB CEO Urges Ghanaians to Support Efforts in Safeguarding Cedi Stability

October 28, 2025

From Shells to Screens: Experience 60 Years of the Ghana Cedi in Augmented Reality

October 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.