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University of Cape Coast to establish a micro financing
centre
Cape Coast, Jan. 04, GNA - Plans are far advanced for
authorities of University of Cape Coast (UCC) to establish a
micro financing centre to focus on micro financing and its
related issues such as poverty reduction and women
empowerment to help coordinate activities in that
sub-sector.
Reverend Professor Emmanuel Adow Obeng, Vice Chancellor of
UCC in an address read on his behalf at the opening session
of a two-day annual micro financing conference at UCC on
Thursday noted that establishment of the centre was
imperative to the sub-sector.
The conference organized by Faculty of Social Sciences of
UCC on the theme “Sustaining Micro Financing in Ghana” is
being attended by representatives of financial institutions
including rural banks, credit unions and other stakeholders.
It is expected that participants would provide broad
guidelines to Government on modalities to manage the
micro-credit fund and draft a template for achieving both
institutional and clientele sustainability.
Rev. Prof. Obeng said an advisory committee including
stakeholders within and outside the University would be
constituted to direct and regulate activities of the centre.
The Vice-Chancellor said activities of the sub-sector
although on-going, were generally uncoordinated with
individuals, donors and government playing independent and
virtually not making any achievement.
He said it was in this regard that UCC, in collaboration
with other stakeholders decided to contextualize and
institutionalize all activities within the sub sector to
bring about uniformity.
Rev. Prof. Obeng urged micro financing institutions to
sponsor their employees to undertake training programmes at
the University to help build their capacity and make them
efficient and their institutions more vibrant.
Professor Gyan Baffour Deputy Minister for Finance and
Economic Planning in an address read on his behalf said
Ghana could boast of diverse micro financing markets such as
rural banks, credit unions and cooperative “susu” groups all
serving different market niches.
He said Government had over the years introduced
interventions like the poverty alleviation fund and rural
enterprise project but all had not achieved the desired
impact of reducing poverty due to the uncoordinated manner
of their operations.
Prof. Gyan Baffour said to check this anomaly Government had
developed a micro financing policy to streamline operations,
coordinate and harmonize activities within the sub-sector
and in addition, established the Micro Finance and Small
Loans Centre (MASLOC) with 50 million dollars as seed money.
He said regional offices would soon be established and was
optimistic MASLOC would collaborate with UCC to provide a
platform for knowledge sharing and transfer.
Mrs Christy Ahenkora Banya, representative of United Nations
Development Fund (UNDP) commended UCC for establishing the
centre and called for networking among micro financing
institutions to bring about harmonization and coordination
in their activities.
She said this would help build a vibrant micro financing sub
sector that would help in poverty eradication particularly
among women in the country.
GNA
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