This report examines over-indebtedness as a major challenge in microfinance and full financial inclusion.  It uses Ghana as an example of a country that has not experienced an over-indebtedness crisis but that has seen potential signs of such an event.

This study works to define the concept of over-indebtedness from a client’s perspective by examining the actual experiences of Ghanaian customers, identifying sacrifices being made by these borrowers, and suggesting main causes of over-indebtedness.  The paper concludes by giving an overview of what this new information can teach the microfinance industry, exploring what the outlook is for microfinance in Ghana, and highlighting some policy implications for the microfinance sector.

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