Ho:Reverend Dr. Daniel Agbeko, a renowned Microfinance Consultant and entrepreneur, emphasized the importance of progressive reforms in the microfinance sector, highlighting it as a collective priority aimed at addressing structural weaknesses and enhancing financial inclusion. Dr. Agbeko delivered these remarks during his keynote address at the 2026 Annual General Meeting of the Micro-Credit Association Ghana (MCAG) held in Ho.
According to Ghana News Agency, Dr. Agbeko stated that the reforms should transcend institutional restructuring, fostering a culture of good governance, compliance, and customer protection to ensure optimal financial services for socio-economic development. He also noted the Bank of Ghana's introduction of a revised microfinance sector framework designed to bolster governance, protect depositors, and improve risk management.
The theme of the three-day event was 'Driving Progressive Microfinance Sector Reforms The Role of Delegated Supervision and Regulation.' Dr. Agbeko highlighted delegated supervision as a mechanism that allows for extended supervisory reach and better early-warning systems. He stressed the need for clearly defined mandates, competent supervisory bodies, and effective enforcement to ensure the success of this approach.
Dr. Agbeko urged key industry players to collaborate in building a resilient microfinance sector, emphasizing the need for trust and accountability. He cautioned against potential weaknesses of delegated supervision, such as conflicts of interest and inconsistent practices, if not adequately safeguarded.
Mr. Benjamin Tuckson Jr, Board Chairman of MCAG, echoed the sentiment of embracing reforms while maintaining core values of integrity and partnership. He emphasized the industry’s future relies on strengthening institutions, investing in people, and upholding high standards of governance and consumer protection.