Microfinance institutions should partner banks to share risks – Prof Aryeetey
Professor Ernest Aryeetey, a former Vice Chancellor at the University of Ghana has called on microfinance institutions to form partnerships with the banks to ensure efficient risk management in times of crisis.
Speaking as the Special Guest of the third Institute of Financial and Economic Journalists (IFEJ) Flamingo Awards for Business and Financial Journalism in Accra, he said, “Microfinance is a risky business so people in it should collaborate with the banks so that they can share risks when it happens.”
“It is a risky business so you need to find someone to share the risk with,” he added.
Mr Alhassan Andani Managing Director of Stanbic Bank and Chairperson for the awards night placed financial reporting ahead of political reporting saying that financial reporting plays a crucial role in the work of banks.
Mr Famous Atitsogbe, a freelance journalist was crowned the ultimate winner of the awards having won in two categories.
Other winners include Ms Rebeka Awuah of GBC24 (Best Business/Manufacturing Feature/News story), Mr Maxwell Akalaare Adombila (Best Agribusiness Feature/News story), Mr Adnan Adams Mohammed of the Economic Times (Best Finance Feature/News story,)
The categories competed for were Best Finance Feature/News story, Best Business/Manufacturing Feature/News story, Best Information and Communication Technology (ICT) Feature/News Story, Best Extractives Feature/News story and Best Agribusiness Feature/News story.
Other categories included Best Tourism Feature/News story, Best Development Feature/News story, Best Rural Banking/Micro finance/Savings & Loans/Rural and Micro enterprises and Best Business of Health Feature.
The IFEJ Flamingo Awards is organised annually to recognise business and financial journalists and editors who have done high, quality reportage on the business and financial sector.
By Pamela Ofori-Botaeng
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