‘Stop promoting micro-finance companies’

The Bank of Ghana (BoG) has urged the media to stop promoting illegal micro-finance institutions in the country.

According to the Director of Communications, Bernard Otabil, although the BoG is doing its part in flush out illegal micro-finance institutions, it was equally the responsibility of the media to stop promoting those institutions.

“It was a collective responsibility on the part of all of us; if we (BoG) are putting measures in place to really get people out of that particular activity and we have the media actually promoting the activities of these institutions, it is sort of creating a problem for us”, he said.

Mr.Otabil, who was addressing a section of the media during the Bank of Ghana Senior Staff Association’s (BOGSSA) health walk in Kumasi, at the weekend, stated that, the advertising ethics provided room for the media to get access to the necessary information on a particular product or client.

He said the BoG had devised measures, that would help the media and the public to identify legal and illegal microfinance institutions, if they wish to have any transaction whatsoever with them.

He said as part of the measures the BoG would make it easier for the media and public to find out whether the micro-finance institution in question has been registered or licensed by the BoG.

Mr. Otabil noted that, all properly licenced and registered microfinance institutions were listed and could be found at the website of BoG so as to make information on them accessible to the public.

From Kngsley E. Hope and Faustina Kwabea Osei, Kumasi

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