An institute to train professionals in loan and risk management has been inaugurated in Accra.
Known as the Institute of Loan and Risk Management of Ghana (ILRMG), it will organise and provide professional training in the area of loan and risk management for all its members in order to improve the services they render in their respective fields.
Also, the courses that will be provided will examine the structures and processes necessary for any organisation to achieve an effective loan and risk management process in the context of continued profitability and for effective delivery.
The institute is affiliated to the Certified Loan And Risk Management Professionals in the United Kingdom and was incorporated in September 2014. It is also present in countries such as Nigeria, Kenya and Cameroun.
The institute was formally inaugurated by Dr Oladipo Bailey, who is the Chairman and President of the Chartered Institute of Loan and Risk Management, Nigeria.
The Registrar of the institute, Mr Joe Hutchful, said the mission of the institute was to provide an avenue for all professionals to build their capacities and enhance their careers using modern technology and up-to-date methods of loan and risk management to improve the quality of services in a competitive environment.
“The knowledge to be acquired is expected to help fill the void and risks associated with loan management in the country considering the high default rate pertaining to that sector,” he said.
Membership, he said, would be drawn from industry, commerce, public sectors and government service.
ILRMG is an independent, non-political and non-profit-making national body, governed by a National Executive Council with a vision of becoming the main repository of best professional practices in the fields of loan and risk management.
Investiture of governing council
Members of the governing council were taken through an investiture ceremony where the authority and symbols of high offices were conferred on them.
The President and Chairman of the Governing Council is Mr Adam Sulley, who is an award-winning marketing practitioner. It is under the patronage of Captain Prince Amoabeng, the President of UT Holdings.