Emigration of public sector workers contributed to high non-performing loans in 2023 – GHASALC

The Ghana Association of Savings and Loans Companies (GHASALC) has identified emigration of health workers and public sector employees as a key factor contributing to high non-performing loans in 2023.

The challenging economic climate has led to an increase in loan repayment defaults.

Tweneboah Kodua Boakye, the Executive Secretary, acknowledged the sector's substantial challenges despite some achievements.

Board Chairman Kwame Owusu-Boateng highlighted the sector's growth in total assets.

Governor of the Bank of Ghana, Dr. Ernest Addison, expressed concern over savings and loans companies deviating from their primary mission.

Osei Gyasi, speaking on behalf of the governor, encouraged support for MSMEs.