Susu Association wants mandate to sanction illegal operators
Mr Edmund Benjamin-Addy, Head of Monitoring and Supervision, GCSCA speaking at the Association/BUSAC Advocacy Action stakeholders’ workshop, said the Association wanted the mandate to caution their members before any action was taken.
The advocacy action seeks to attain comprehensive self-regulated Susu business environment in the country. It also seeks to ensure sanity in the operation of Susu schemes and security of clients’ savings.
According to Mr Benjamin-Addy, a considerable number of its members did not comply with the documentation and reporting practices prescribed by the Bank of Ghana under the self-regulation scheme.
“Nearly half of the operators are not conforming to the documentation and reporting requirement of the regulator,” he added.
He said the Bank of Ghana delayed in sanctioning illegal operators, hence the Association’s request to be given the mandate to effect arrest and prosecute illegal operators, if need be.
He said there was the need for intensive public education on the activities of the Association to broaden the understanding of the self-regulation and supervision function and framework.
Mr Stephen Nortey, a representative of the Bank of Ghana, said the BOG wanted a safe financial system for the development of the country.
He said although the mandate to arrest and prosecute rested on national security, the BOG was looking for certain structures in the Association before such mandate could be given to it.
Mr Nortey, therefore, called on the Board of GCSCA to strengthen its structures to be transparent and accountable to its clients to help grow the financial industry.
He assured the Association of the Bank’s commitment to eliminating bad nuts from the industry.