Gates of Glory Micro-Credit Enterprise crowned Micro-Credit Institution of the Year

Gates of Glory Micro-Credit Enterprise

Gates of Glory Micro-Credit Enterprise has been crowned the Micro-Credit Institution of the Year at the 2022 Micro-Credit Association Ghana’s Dinner and Awards Night. Other winners on the night included De-Yes Plus Micro-Credit Enterprise, Ebetrust Micro-Credit Enterprise, and Grand Micro-Credit Enterprise.

Additionally, former board chairpersons and members, executive secretaries, and member-institutions who have been in operation for at least ten years were honoured on the night. The awards were an acknowledgement of their dedication and commitment to building the micro-credit sector. They were also in recognition of their unflinching desire in upholding industry best practices as the sector seeks to play a critical role in the country’s post-pandemic recovery efforts.

In a short address during the event, Chairperson of the Micro-Credit Association Ghana (MCAG), Wilberforce Ofori, eulogised the awardees for contributing immensely to the sector’s remarkable growth in 2021, noting that the success was underpinned by “robust control and quality assurance system” instituted by the various member-institutions working closely with the association to implement to the letter.

“The corporate governance structure of the association has seen healthy improvement with the balance of skill and experience. Our governance structures over the years have been extremely beneficial. This is buttressed by a comprehensive framework based on integrity, transparency, and consensus building,” he stated.

He continued: “The quality of governance is a reflection of the diverse competencies and expertise of the association…and it’s my hope and expectation that the association’s strong governance system will impact positively on member-institutions”.

On his part, the Executive Director of MCAG, Ebenezer Quartey, Esq., said the association will continue to be a strong advocate for members, with the hope that they will also reciprocate by operating within the realms of the law.

“We will continue to improve member services and encourage members to operate responsibly, ethically and effectively,” he added.

Meanwhile, the micro-credit sector posted massive gains in 2021 with total assets increasing by 146.79 percent year-on-year to GH¢410million as at end of December 2021, compared to 36.3 percent growth in 2020.

The increase in asset growth was attributed to the gradual rebound in economic activities after COVID-19 pandemic, and the increase in the number of members reporting.

Also, gross loans and advances amounted to GH¢312million as at December 2021. This amount represented a growth of 15.13 percent compared to 8.3 percent recorded in 2020. The higher growth in gross and net loans and advances reflects the higher credit demand by micro, small, and medium enterprises.

Again, shareholders’ funds continue to drive the funding of total assets with robust growth of 74.33 percent to GH¢304.8million as at December 2021, relative to the 74.14 percent growth recorded in 2020, with total borrowings reduced by 16 percent in December 2021 compared to 24 percent growth in the previous year. The slowdown in borrowings was mostly due to the increase in loan repayments and profit plowed back into the business, according to a report by the Micro-Credit Association of Ghana (MCAG).

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