Ghana Microfinance Policy

This paper describes the development of a microfinance policy in Ghana and attempts to define guidelines for stakeholders in the country's microfinance industry. The Government of Ghana has adopted microfinance as one of the important strategies for poverty reduction and wealth creation.

Recognizing the role various institutions and individuals can play to ensure the achievement of the national vision of becoming a middle income country by the year 2015, the paper provides broad guidelines and outlines the required atmosphere for the various stakeholders to operate. Institutions and individuals have the collective responsibility to ensure that the institutional arrangements are used to promote the sub-sector. For its implementation, it will be necessary to:

• Identify resource requirements for the implementation of the policy;
• Develop implementation plans to support the policy;
• Organize stakeholders meetings periodically to review the policy;
• Develop programs and strategies that will further enhance the implementation of the policy and the development of the sub-sector.

The paper concludes that these activities should be coordinated by the Ministry of Finance and Economic Planning in collaboration with the Bank of Ghana. There is also a need to clearly define relationships and roles to enhance effective implementation and delivery of services.