Governor Addison lauds Opportunity International for role in advancing financial inclusion in Ghana
Governor of the Central Bank of Ghana, Dr. Ernest Addison, at the 20th Anniversary Celebration of Opportunity International Savings and Loans, commended the institution for its significant contributions to financial inclusion in Ghana and the country’s sustainable economic growth.
Dr. Addison highlighted that Opportunity International has been instrumental in equipping households and businesses with essential financial tools to enhance their income-generating capacities, thereby providing financial stability to many Ghanaians.
He emphasized the importance of continuing to develop innovative products and services to further deepen financial inclusion across the country.
“Your contribution to the advancement of financial inclusion is invaluable. The commitment shown towards the integration of clients at the base of the pyramid into mainstream financial services with innovative products that give aspiring business owners the chance to obtain financing to generate employment opportunities in various communities is commendable,” he remarked.
“It is important to note that the main goal of the savings and loans subsector is to provide avenues to bank the ‘unbanked’ segments of the population. So, I will entreat you to enhance the new and inventive products and services to meet this need and help deepen financial inclusion in the country,” he added.
In his address, Dr. Addison noted that the key Financial Soundness Indicators for Opportunity International, including the Capital Adequacy Ratio (CAR) and Cash Reserve Requirement (CRR), are within regulatory limits, reflecting the Central Bank’s satisfactory financial performance of Opportunity International.
The Governor also urged Opportunity International to focus on sustainability, climate-related financial risks, and green finance, aligning with the global agenda.
He pointed out the availability of green funding opportunities to support sustainable lending activities within the banking sector.
“As a leader in the financial sector, paying attention to the issue of sustainability, climate-related financial risk and green finance presents a strategic opportunity. Let me therefore take this opportunity to encourage the Board, Management, and Staff of Opportunity International to pay close attention to issues of sustainability, climate-related financial risks, and green finance which has become part of the global agenda. Presently, there are existing opportunities such as green funding to support lending activities within the banking system,” he posited.
Concluding his remarks, Dr. Addison reaffirmed the Bank of Ghana’s commitment to its supervisory role, ensuring that all financial institutions adhere to regulatory requirements and guidelines to maintain trust and confidence in the financial sector.
“The Bank of Ghana has been engaging with regulated entities regularly over governance and assurance functions, in its quest to remain vigilant to ensure stability of the financial sector.
“Strong risk management, Compliance with prudential rules, proper internal audit functions remain crucial to ensure that regulated financial institutions operate soundly, safely, ethically and within regulatory and legal boundaries,” he noted.
