Ghasalc Committed to Embracing Corporate Governance Directive By BoG

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The Ghana Association of Savings and Loans Companies (GHASALC), says its members will be committed in ensuring that the corporate governance policy directive issued by the Bank of Ghana (BoG) is strictly adhered to by all member companies.

Mr. Kofi Ampofo Agyapong, Outgoing Chairman and immediate past MD, Best Point Savings and Loans said as the regulator prepares to introduce Basel II and Basel III in the savings and loans sector to tighten its supervisory and regulatory role its members were ready for the introduction.

He was speaking at the eighth annual general meeting of GHASALC under the theme, 'Strengthening the practice of corporate governance: The role of regulation and practice.'

The event was also used to elect new executives for the association to man the operations for two years.

The members elected are Mr. Kwaku Duah Berchie, COO, Pan-African Savings and Loans as Chairman and Mr. George Ofosuhene, CEO, Bond Savings and Loans Limited as its Vice Chairman. Other members include Madam Amma Frimpomaa Dwumah, MD, SIC Life Savings and Loans - Secretary; Mr. Isaac Kweku Arthur, MD, Equity Savings and Loans - Treasurer; Dr. Edem Bart Williams, CEO, Commerz Savings and Loans- Council Member and Mr. Stephen Ameyaw, MD, Adom Savings and Loans - Council Member.

He said good corporate governance was necessary for the growth of the microfinance industry.

Agyapong expressed appreciation to the entire membership of the association and the various stakeholders for the support during his tenure.

He urged them to continue to comply with the various regulatory requirements and asked Bank of Ghana to continue to support the sector with relevant policies as well.

Mr. Kwaku Duah Berchie, elected Chairman of the association, responding on behalf of the new national council executives gave the assurance that the association and its members would continue to comply with the various regulatory directives from Bank of Ghana.

He said that the leadership and the members of the association would work together with the regulatory bodies to ensure that the sector was more sanitised and depositors' funds were adequately protected.

He also emphasised that the new leadership would work to improve corporate governance among institutions, deepen capacity building and establish funding options for the secretariat and the association in general.

Mr. Berchie further urged the public to continue to patronise the services of the various licensed savings and loans companies adding that the association was going to organise series of engagements with the public starting with its maiden savings and loans month in September and October of this year.

Mr. Tweneboah Kodua Boakye, Executive Secretary of the association, said some of the activities lined-up during the Savings and Loans month include media engagement, symposium, health screenings, sports fiesta and national recognition night.

The Savings and Loans Association is the umbrella body of all the licensed savings and loans companies in Ghana. It is currently made up of all the 37 licensed savings and loans companies serving over 3.2 million clients in about 1,084 business outlets in all the 10 regions of Ghana.

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