Rating Release

Agusto & Co. hereby assigns an ‘A- (Gha)’ long term rating and ‘A1 (Gha)’ short term rating to ASA Savings and Loans Limited Ghana. 

The rating expires on 31 March 2027. 

Agusto & Co. hereby assigns an ‘A- (Gha)’ long term rating and ‘A1 (Gha)’ short term rating to ASA Savings and Loans Limited Ghana (“ASA MFI” or “the MFI”). The rating reflects ASA MFI’s leading position in Ghana’s microfinance banking industry, strong shareholder support, good asset quality, profitability and capitalisation and experienced management team. However, the rating is constrained by the MFI’s concentration in funding sources in the review period. We have also considered the vulnerability of ASA MFI’s target market, who face ongoing challenges such as high living costs, which may hinder their loan repayment capacity despite an improving macro environment.