The National Chairman of the Ghana Association of Microfinance Companies (GAMC), Mr. Collins Amponsah-Mensah says Microfinance companies in Ghana have the collective strength to deliver Sustainable Development Goal 1.
In an interview with rawgist.com’s Bernard Buachi, Mr. Amponsah-Mensah explained that though the ability is assured, government must drive the agenda.
Sustainable Development Goal 1 calls for an end to poverty in all its manifestations by 2030. It also aims to ensure social protection for the poor and vulnerable, increase access to basic services and support people harmed by climate-related extreme events and other economic, social and environmental shocks and disasters.
He revealed that Microfinance companies have confidence in the current administration’s ability to strengthen the subsector. “The inflation has come down. The prime rate for 2 consecutive reviews have come down. Treasury bill rates have dropped”, he explained adding that “the government is still young and at this moment, focusing on stabilising the economy. I am hopeful that when the economy is placed on a good recovery course, the impact will affect the financial space and MFIS will also have the opportunity to grow”.
The international poverty line is currently defined at $1.90 or below per person per day using 2011 United States dollars purchasing power parity (ppp). In the decade beginning in 2002, the proportion of the world’s population living below the poverty line dropped by half, from 26 per cent to 13 per cent.
One of the main objectives of microfinance companies is to lift people out of poverty.