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Target the Informal Sector-Financial Institutions Tasked

Written by  Jul 05, 2018
The Minister of Employment and Labour Relations, Mr Ignatius Baffour Awuah has tasked financial institutions in the country to target the informal sector. He said the informal sector, which has enormous potentials for development of the financial industry in the country, is not being properly utilized. The minister made the call in an engagement with the Co-operative Societies in the Brong-Ahafo Region. The Employment and Labour Relations Minister together with the chief director and other staffs of the ministry are embarking on five days working visit to the Brong-Ahafo Region to interact with stakeholders and also to resolve the impasse within the Newmont mining sector. Speaking to the high ranking officials of the Co-operative Societies in the Brong-Ahafo Region he said, most of the financial institutions in the country tend to predominately focus on the formal sector and white colour workers which form the minority of our society neglecting the informal sector with consists of over 80% of our population. He appealed to financial institutions to strategically position themselves to be able to provide appropriate risk mitigation instruments to facilitate the developmental agenda of Ghana moving forward. He also called on them to implement sound corporate governance and risk management systems in line with international best practices to deal with the cultural and behavioural challenges that inhibit the growth of the sector. Hon Baffour Awuah said, President Akufo-Addo’s vision of Moving Ghana Beyond Aid was not mere rhetoric but a reflection of the reality, because there is no doubt that we need to rethink how we develop as a country. According to him, to achieve Ghana Beyond Aid there is the need to encourage higher private savings as a source of loanable funds to support domestic credit and capital market, and expand financial inclusion. He said the ministry in its mandate will provide the needed support and guidelines in the operations of the Co-operative Societies especially amending its existing operating rules and guidelines.
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