With the sole aim of stopping the acceleration of inflation, Ghana is multiplying initiatives. Several austerity measures have been taken. This time around, unauthorized lending structures are in the crosshairs.

In a statement published on Monday, August 22, the Central Bank of Ghana (BoG) urges populations to turn away from the unauthorized financial institutions present in the country. It places particular emphasis on 19 funding structures whose exercise would be illegal.

According to the information note, the activity of these companies consists of the abuse of customer data and privacy laws. As a result, these companies do not meet consumer protection requirements.

The same statement said that “The Bank of Ghana is taking steps to take action against these organizations and advises the general public not to do business with all loan providers no authorized. Banks and specialized deposit-taking institutions, as well as payment institutions are required to comply with the law.”

It should be remembered that by its decision, the BoG aims to reduce the amount of money in circulation within the economy. For example, the inflation rate has been on the rise in the country for several months. Last July, inflation reached 31.7%, almost four times the target rate of 8% set by the institution.