Mr Fiifi Kwetey, Minister of State at the Presidency in Charge of Financial and Allied Institutions said on Wednesday that the short-term profit making business ventures were bane to the national drive for development.
He was speaking at a Stakeholders Forum organised by the Money Lenders� Association Ghana (MLAG) ahead of the Association�s Annual General Meeting held in Accra.
Mr Kwetey reminded members of the Association of their responsibilities of assisting operators in the informal sector to have access to credit facilities at a cheaper rate and cautioned the members not to exploit the lenders.
Mr Kwetey said members of MLAG could roll out innovative and quality ways of creating sustainable profit on a larger platform.
Mr Fidilis Bazaanaa, Deputy General Manager of Operations with the Co-operative Union Association called on the money lenders to apply due diligence to avoid delinquent loans.
He proposed improved internal control measures such as hiring honest and integrity-keeping staff, good record and accounting system as a means of checking and avoiding delinquent loans.
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