President Akufo-Addo
President Akufo-Addo has promised to protect the interest of the Ghana Association of Savings and Loans Companies (GHASALC), popularly known as ‘Susu’ collectors.
It follows reports of possible increase in the minimum capital requirement to GH¢15 million by the Bank of Ghana (BoG).
The leadership of the group expressed the concern when it paid a courtesy call on him at the Flagstaff House.
The President said he would personally discuss their grievances with his finance team to ensure that their businesses are not put under any undue stress.
He commended members of the Association for their entrepreneurial skills and success in the Ghanaian economy.
On his part, Managing Director of Best Point Savings & Loans and Chairman of GHASALC, Kofi Ampofo Agyepong, said they called on the Presidency to introduce themselves to President Akufo-Addo and also find ways to support the various programmes of government.
He indicated that the Association employs 11,000 Ghanaians directly and has 641 branches across the country.
He said the proposal to increase the minimum capital requirement would negatively affect their businesses, particularly 86 percent of members, who are indigenous Ghanaian businesses.
The Ghana Association of Savings And Loans Companies is the umbrella body of players in the savings and loans industry in Ghana.
Thirty-two out of 37 savings and loans companies in the country are currently members of the Association.
It intends to improve the financial status of savings and loans companies in Ghana.
As part of its objectives, the association serves as a platform for effective communication and collaboration among members.
It also seeks to improve information sharing and promote transparency in the sector and sensitize the general public about the objectives of S&Ls.
The mission of GHASALC is to ensure the sustainability and growth of the companies to develop the country’s economy.
By Charles Takyi-Boadu, Presidential Correspondent