COVID-19: Ghanaian microfinance companies to soon have access to GHC10 million bailout

COVID-19: Ghanaian microfinance companies to soon have access to GHC10 million bailout

- Ghana Microfinance Institutions Network (GHAMFIN) would soon roll out a GHC10 million bailout package for members

- The plan is to ensure that its members remain operational despite the economic challenges posed by the coronavirus

- GHAMFIN would also set up a recovery fund to assist with regular financial challenges of members

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The Ghana Microfinance Institutions Network (GHAMFIN) has announced plans to support its members with a GHC10 million bailout.

The move is to ensure that members of the network are able to keep businesses operational even in the wake of the spread of the coronavirus.

GHAMFIN’s Executive Director, Yaw Gyamfi, explained that the move would also help prevent any potential bankruptcy of any of its members after the sector had gone through a clean-up exercise.

READ ALSO: Clients of collapsed microfinance companies give gov't 2 weeks to release locked up cash

Per a report by, plans are also in place to establish a recovery fund to help deal with some financial challenges members regularly face.

Gyamfi went on to say that the Network intends to work hard to ensure that its members are viable enough to pay salaries of employees.

He added that a survey was recently conducted in order to get a full picture of the extent of the effect of COVID-19 on microfinance institutions.

This, he went on, would give GHAMFIN a reason to make a solid case to access funds from partners, the government and every other stakeholder. earlier reported that the Minister of Finance, Ken Ofori-Atta, has revealed that 15,997 customers of collapsed microfinance firms have been paid a total of GHC787 million.

He explained that the figure represents monies paid as of March 5, 2020.

Shedding light on the breakdown of the amount, he explained that GHC166.3 million has been approved for 581 social organisations and welfare groups that deposited funds with the collapsed firms.

Again, an amount of GHC148.29 million has also been given to savings and loans companies, microfinance institutions, rural banks and finance houses.

READ ALSO: Customers of collapsed firms have received almost GHC800 million from gov't - Finance minister

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