|Official launch of Diamond Capital Ltd
The Minister of Finance and Economic Planning, Mr. Seth Terkper, has
emphasized the government's commitment to prioritize microfinance as a means to alleviate poverty in the country.
He explained that the government placed key interest in the Semi- formal financial sector because the success of its economic programmes was linked to a viable microfinance sector as well as small and medium- scale enterprises (SMEs).
Mr Terkpe said this at the official launch of Diamond Capital Limited (DCL), a microfinance company in Accra.
The company has its head office at Asylum Down with two fully networked branches at Zongo Lane in the Central Business District and Abossey Okai.
According to the minister, the government believed that an effective microeconomic sector had potential to attract foreign and domestic investment which could lead to job creation and reduction of poverty.
He said the last decade had seen a swift expansion in microfinance institutions across the globe in general, and developing countries in particular and Ghana was no exception.
The sector, Mr Terkper said, had the potential to join the government in its bid to expand the country's economic growth and facilitate the needed development, adding that "this is what we hope DLC will bring to the current economy".
He, however, advised microfinance companies in the country to stick to their objective of serving the people and refrain from exploiting the poor by absconding with the monies mobilised from them.
The Board Chairman of DCL, Mr Boasiako Omane Antwi, said DCL was provisionally licensed by the Bank of Ghana (BoG) in April 2012 with a capital of GHS1,200,000, far above the GHS100,000 required by the BoG.
He said the company's vision was to be the premier financial service provider in Africa and in the eyes of its customers, employees, shareholders and all other stakeholders within the shortest possible time.
Mr Antwi observed that DCL's approach to service was driven largely by its ability to obtain a clear understanding of specific needs of SME's and provide financial services beneficial to their needs.
"We develop knowledge about our client's business, thus making our support valued by its relevance and insight. Our familiarity with local business, culture, politics and legal climate provides us an edge in the range of services we offer," he said.
For his part, the Chief Executive Officer of DCL, Mr Selasie Woanyah, said the company's dream was to set up a financial service company that understood the needs of the SME market in Ghana and across the West African Sub-region.
Source: Daily Graphic