GHASALC income rises 89% to GH¢1.84m as sector prepares for 2027 reforms

The Ghana Association of Savings and Loans Companies (GHASALC) has witnessed an impressive surge in income, with total earnings soaring from GH¢972,207 in 2024 to an impressive GH¢1.84 million in 2025. The association's surplus has also skyrocketed, climbing from GH¢149,029 in 2024 to a substantial GH¢373,433 during the same period.

During the 16th Annual General Meeting, Board Chairman Dr. Fred Safo-Kantanka credited the positive outcome to the diligent efforts of the board of directors and various committees, praising their commitment to the association's governance. Membership dues rose from GH¢542,500 in 2024 to GH¢807,500 in 2025, while other income expanded from GH¢429,707 to GH¢1.03 million.

Total assets swelled from GH¢690,621 to GH¢1.19 million, and the accumulated fund reached GH¢1.00 million. However, Dr. Safo-Kantanka cautioned that the impressive financial position must be complemented by prudent financial management. He emphasized that the board will continue to ensure the association's resources are judiciously managed and deployed towards value-adding programs and industry advancement.

In response to the evolving Ghanaian microfinance sector, as the sector undergoes reforms set to take effect in 2027, GHASALC's CEO, Tweneboah Kodua Boakye, revealed the association's intent to adapt its name to mirror the industry's changing landscape. The association aims to become the sector's voice, knowledge hub, advocacy platform, and strategic partner.

GHASALC aims to focus on financial sustainability, stronger advocacy, digital transformation, capacity building, stronger governance, and industry unity. The Bank of Ghana's second deputy governor, Matilda Asante, assured industry stakeholders that the Central Bank is actively addressing their concerns over the implementation of the reforms.

The reforms aim to consolidate the sector into distinct categories, namely microfinance banks, community banks, credit unions, and last-mile providers. Each category will have defined mandates and consistent regulatory and supervisory expectations. The Bank of Ghana will issue a set of aligned regulations to guide the sector's transition, seeking input from industry players to ensure the regulations reflect real-world circumstances.