Accra: The Ghana Association of Savings and Loans Companies (GHASALC) reports that deposits mobilized by its member institutions have increased from GHS6.1 billion to GHS8.5 billion by the end of 2025. This growth highlights the sector's resilience in the face of challenges related to liquidity, asset quality, and regulatory compliance.
According to Ghana Web, the announcement was made by GHASALC's Chief Executive Officer, Tweneboah Kodua Boakye, during the association's 16th Annual General Meeting on August 27, 2026. He explained that the increase in deposits reflects the ongoing commitment of the institutions to mobilize resources. The association has been actively compiling, analyzing, and disseminating information on this progress, with gratitude expressed towards the Central Bank for providing consolidated industry data.
The CEO also mentioned a slight reduction in the sector's non-performing loan (NPL) ratio, from 15% to 14%, though the industry aims to decrease it further to below 10%. Despite improvements, the sector faces challenges such as regulatory compliance costs, technology investment needs, changing customer behaviors, and competition from larger financial institutions.
Tweneboah Kodua emphasized the growth potential in financial inclusion, digital financial services, and MSME financing. He stated that the association supports the Bank of Ghana's microfinance sector reforms, provided they ensure the sustainability of existing institutions. The reforms are intended to protect depositors and jobs while maintaining the important role of these institutions in serving underserved segments.
GHASALC's Board Chairman echoed support for the reforms but urged consideration of existing institutions' capital and liquidity constraints. The chairman highlighted the importance of shaping reforms to achieve intended objectives without jeopardizing the sector, ensuring an orderly transition that does not weaken the industry.
Financially, GHASALC reported improvements, with total income rising significantly, and a surplus recorded. The association's assets and accumulated funds have also increased. These results are seen as encouraging, with a commitment to prudent resource management.
The Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, acknowledged the concerns from industry players and assured continued engagement. She clarified that the reforms aim to rebuild public confidence, deepen financial inclusion, and strengthen financial institutions' resilience. The reforms will consolidate the microfinance sector into core categories, with regulations covering governance and risk management.
The GHASALC CEO announced plans to reposition the association in line with the new regulatory framework, potentially adopting a new name if categorized as microfinance banks. This repositioning aims to enhance advocacy, industry knowledge, and strategic partnerships.
As the sector prepares for regulatory and technological changes, GHASALC is set to focus on financial sustainability, digital transformation, capacity building, governance, and unity within the industry.