Savings and Loans sub-sector contributed 35.1% of total property for Q1 2022 – BoG
Elsie Awadzi12121212.Jpeg
Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana
Thu, 30 Jun 2022Source: www.Ghanaweb.Com
Savings and Loans enterprise critical to Ghanaian economy
S&L businesses dispensed a total of GH¢three.4 billion in net loans for Q1 2022
Code of Ethics and Professional Conduct key for S&L enterprise
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has underscored the significance of the Savings and Loans industry to the Ghanaian financial system and monetary quarter.
She discovered that at the cease of the primary area 2022, general belongings of specialized deposit-taking establishments sector handed GH¢16.0 billion, out of which the Savings and Loans sub-sector contributed 35.1 percent.
Speaking at 12th Annual General Meeting (AGM) of the Ghana Association of Savings and Loans Companies (GHASALC), Mrs Addo Awadzi stated the function of the S&L enterprise in our financial system has been great in supplying important monetary services to the MSME region, casual area and families.
“Savings and Loans companies disbursed a total of GH¢three.4 billion in net loans to private corporations and organizations inside the first sector of 2022 alone,” she disclosed.
The second deputy governor, however, stated the Savings and Loans industry has reached a vital point that requires rethinking through key stakeholders to reposition the arena to completely unharness its ability.
She stated this can assist higher serve low-medium profits families and the micro, small, and medium-sized commercial enterprise area which are the primary drivers of socio-monetary boom for Ghana’s financial system.
The 2nd deputy governor additionally referred to as for the adoption of a Code of Ethics and Professional Conduct for the Savings and Loans sub-zone which she believes has the ability to improve self belief and construct trust in the zone.
The subject matter for this 12 months's Annual General Meeting become dubbed; “Driving Financial Inclusion thru Digitalisation: The Role of Savings and Loans Companies”
MA/FNOQ
Source:Aveaonetv
#aveaonetv
#UEgraphics
#Hylightnewsgh