The Bank of Ghana (BoG) has agreed to establish a joint industry committee to address concerns raised by microfinance institutions, savings and loans companies, and other financial sector players over proposed reforms that will significantly reshape the industry.

The decision was reached during a meeting between the regulator and industry stakeholders on Friday, June 12, 2026.

JoyBusiness understands that the central bank agreed to the proposal to build broad consensus on the regulatory changes and to address concerns raised by affected institutions.

The committee is expected to serve as a bridge between the Bank of Ghana and industry players as discussions continue on the implementation of the new framework.

Industry associations have already submitted nominees to serve on the committee and are awaiting the Bank of Ghana’s representatives and a representative from the Ministry of Finance.

The working group will comprise officials from the Bank of Ghana, the Ghana Association of Savings and Loans Companies (GHASALC), Finance Houses, the Association of Rural Banks, the Credit Union Association, the Ghana Microfinance Institutions Network (GHAMFIN), the Ghana Association of Microcredit Companies (MCAG), the Ghana Co-operative Susu Collectors Association (GCSCA), GHASSFIN, and ARB Apex Bank.

JoyBusiness understands the committee will focus on resolving implementation challenges, monitoring the transition process, protecting confidence in the sector, streamlining approval processes, and providing clarity on regulatory requirements.

Major Sector Overhaul Under New Framework

The committee’s work comes on the back of the Bank of Ghana’s newly issued Revised Microfinance Sector Framework, which replaces the 2011 operating guidelines and introduces a new regulatory structure for the industry.

Under the framework, all institutions will operate within four categories: Microfinance Banks, Community Banks, Credit Unions, and Last-Mile Providers.

Existing savings and loans companies, finance houses, deposit-taking microfinance institutions and microcredit firms are expected to transition into the new Microfinance Bank category, while rural banks will become Community Banks.

The reforms also introduce significantly higher capital requirements. Existing institutions transitioning into Microfinance Banks will be required to meet a minimum capital threshold of GH¢50 million, while new entrants must raise GH¢100 million. Community Banks will be required to maintain capital between GH¢5 million and GH¢10 million.

Institutions must indicate their preferred transition option to the Bank of Ghana by June 30, 2026, and fully comply with the new framework by December 31, 2026.

Industry Pushes for More Time

Affected institutions have expressed concerns about the pace of implementation, particularly the requirement to recapitalise to GH¢50 million within the current timeline.

Industry players are proposing a phased approach, with minimum capital requirements increasing to GH¢30 million by December 2026, GH¢40 million by December 2027, and GH¢50 million by December 2028.

They argue that raising fresh capital will require shareholder approvals, investment mobilisation and extensive planning, making the current deadline difficult to meet.

Stakeholders are also seeking greater clarity on the categorisation of institutions under the new framework, particularly for savings and loans companies and finance houses that may wish to downgrade and transition into Community Banks.

The newly established committee is expected to examine these concerns and recommend a path forward that balances regulatory objectives with industry realities.

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Bank of Ghana and Microfinance Form Joint Committee to Review Sector Reforms

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