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Government Agenda for Rural/Micro Finance

Government Agenda for Rural/Micro Finance. Ministry of Finance and Economic Planning Microfinance Unit. Framework.

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Government Agenda for Rural/Micro Finance

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  1. Government Agenda for Rural/Micro Finance Ministry of Finance and Economic Planning Microfinance Unit

  2. Framework • Financial Sector Reform (FSR) program provides the overall framework for development of the financial sector in Ghana, including expanding and deepening access to financial services to underserved groups (especially rural, poor, women, other excluded) • Ghana Microfinance Policy (GHAMP) is intended “to promote the delivery of efficient and sustainable microfinance services to achieve wealth creation and poverty reduction, within the context of the objectives of Ghana’s poverty reduction, growth and financial sector development strategies.”

  3. GHAMP Objectives • “Create an enabling environment at the macro, meso and micro levels that supports the operations of the sub-sector; • Provide avenues for the sustainable flow of funds, adequate infrastructure and development of human capital; • Ensure a harmonized and coordinated sub-sector; • Ensure an integrated and sustainable financial system that reaches the poor; • Facilitate activities that ensure consumer protection.”

  4. Macro Level • Institutional strengthening of GHAMFIN as umbrella body for advocacy and networking • Institutional strengthening of Microfinance Apex institutions (CUA, GCSCA, ASSFIN, S&Ls), as well as ARB Apex Bank • Policy issues: • Improve/support legal, regulatory and supervision framework • Interest rates (affordability, sustainability)

  5. Meso Level • Deepening the ownership of GHAMP among rural/micro finance institutions (RMFIs) and other stakeholders • Monitoring and performance benchmarking • Establish/strengthen microfinance depts. In MOFEP, BoG and MDAs • Institutionalize Microfinance Forum • Establish rating system

  6. Micro Level • Building the capacity of RMFIs, service providers to RMFIs, and end-users • Develop relevant training manuals, models and approaches for training RMFIs and end-users • Improve efficiency in delivery of credit and other financial services

  7. Current Situation • RFSP has made progress in these areas: • Establishing ARB Apex Bank, strengthening of Rural & Community Banks, capacity building of microfinance institutions and end users • Has expanded access and created platform for accelerating outreach and sustainability • Initiatives of RFSP need to be continued and built upon, for example: • Data and information gathering, monitoring • Microfinance Support Initiative for integrated training of RCBs and end-users in effective microfinance methodologies • Apex bodies: strategic planning • Computerization, MIS

  8. Way Forward • Use existing programmes to continue initiatives as far as possible, e.g.: • EMCB-FSR; pooled fund • SPEED II • CBRDP, RTIMP, REP II • MASLOC • Additional funding will be needed • Have requested IFAD support • IDA, AfDB • Bilateral donors • Dialogue on proposed programme, priorities and activities

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