Savings and loans

The Bank of Ghana is advising savings and loans companies across the country to reassess their business models. Head of Banking Supervision Department at the Bank of Ghana, Osei Gyasi said the companies should focus on investing in small and medium scale enterprises to help in reducing its non-performing loans (NPLs). Speaking at the 14th Annual General Meeting of the Ghana Association of Savings and Loans Companies, Mr. Gyasi said, the sector’s high financing costs have resulted in high lending rates, which he says is hurting the industry’s ability to compete. In his speech, he urged the savings and loans…