BoG couldn’t have consolidated Savings and Loans Company- Ahantaman Bank CEO

As the argument for the sustainability of the microfinance industry wages on, a strong defense has been mounted for the actions of the Bank of Ghana, in its effort of revoking the licenses of the over 300 savings and loans, and microfinance companies due to insolvency.

Chief Executive Officer of the Ahantaman Bank, Mr. Benjamin Afful Eshun is of the opinion that an attempt to consolidate these institutions would be practically impossible.

“…how practicable was that…with over three hundred companies with different management. How were you going to consolidate them?

“But you could see that for the middle banks we were able to consolidate them. Even for those that did not have the minimum capital they formed the amalgamated trust to provide the capital to sustain them” he clarified.