GHASALC urges Bank of Ghana to reconsider tight microfinance reform timelines
2nd February 2026
The Ghana Association of Savings and Loans Companies (GHASALC) has called on the Bank of Ghana (BoG) to review the deadlines for implementing its wide-ranging microfinance reforms, warning that the current timelines may be too ambitious for operators to meet.
The appeal follows the central bank’s rollout of a new regulatory framework that raises minimum capital requirements, restructures the sector into clearer categories, and sets December 31, 2026, as the deadline for full compliance.
While supporting the reforms in principle, GHASALC says the transition period needs further engagement to ensure a smooth implementation.
Speaking to Citi Business News, GHASALC Chief Executive Officer Tweneboah Kodua Boakye described the reforms as beneficial for regulation, customer protection, and long-term stability in the microfinance industry. However, he stressed that the timelines must be reconsidered to avoid putting undue pressure on operators.
“The regulator’s objective of building a more resilient sector and improving governance is commendable,” Boakye said. “But the pace at which capital requirements are expected to rise presents a major challenge for existing operators. We hope to work with the regulator to iron out these issues and arrive at a practical transition plan.”
Under the new framework, a microfinance company with a current minimum paid-up capital of GH¢2 million is expected to scale up significantly within less than a year. Boakye warned that such rapid increases could destabilise otherwise viable institutions.
He emphasised that while GHASALC supports the direction of the reforms, critical issues such as timelines and operational adjustments must be addressed in consultation with the Bank of Ghana.
The association remains optimistic that continued dialogue with the central bank will produce a more realistic roadmap that balances financial stability with sector sustainability.
The Bank of Ghana has stressed that the reforms are designed to restore public confidence, protect depositors, and reduce systemic risks that have previously affected the microfinance sector.
Industry players, however, suggest that while the reforms’ intent is sound, the implementation schedule may be the main challenge.