MFIs 'growing in Ghana'

Jul 04, 2011

A growing number of microfinance institutions are emerging in Ghana to meet the needs of the country's residents.

This is according to Joy Online, which explained how the success of these financial firms in places such as Kenya, Ethiopia and Uganda is driving their development elsewhere.

As well as meeting both the financial and non-financial needs of low-income earners, MFIs also improve accessibility for the "un-banked population" the news provider stated.

It is also hoped that the development of the organisations will "break the cycle of monopoly and contribute to a more competitive industry", it continued.

The publication added that entrepreneurs are being encouraged to invest in the microfinance sector, as it has been proven to improve the livelihood of individuals on a low income.

According to Ghana Microfinance, MFIs are also a vital tool in addressing developmental challenges and supporting poverty reduction or food supply strategies within the African nation.