Mahama scolds BoG for DKM scam

Mahama scolds BoG for DKM scam

- President John Mahama has blamed the Central Bank for sleeping on the job while some microfinance companies milk unsuspecting customers of their “life earnings.”

- He has  commiserated with the numerous customers who were fleeced by these fraudulent microfinance companies.

- He also tasked the BoG to liquidate the assets of these companies and ensure they reimburse legitimate customers of their original deposit amount.

Mahama scolds BoG for DKM scam

Speaking during his State of the Nation address in Parliament Thursday

President John Dramani Mahama has lashed out at the Bank of Ghana for their negligence resulting in the DKM microfinance scam.

Addressing parliament in his State of the Nation address Wednesday, the President said “lack of effective supervision on the part of the Central Bank” resulted in the scam.

Owners of some microfinance companies in the Brong Ahafo region are currently standing  trial for failing to refund monies of their clients deposited for investment on maturity.

Customers of the financial institutions are aggrieved because the accused persons convinced them of a 50 per cent interest offer on investments in three months. Based on the information, a number of people were said to have deposited various sums of money in the suspects’ companies.

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However, on the maturity dates, the clients found the offices of the suspects locked when they went to collect their money.

But President Mahama has charged the Bank of Ghana to ensure the right thing is done.The President tasked the Bank of Ghana to intensify its “liquidation proceedings against DKM” in particular, to “reimburse legitimate customers of their original deposit amount.

“Government has a concern for the poor unsuspecting clients; [and parliament] must fast track the Ghana Deposit Protection bill which will protect the small depositors in funds like this.”

 

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