Mahama unhappy with BoG’s handling of MFIs

John Dramani Mahama has expressed disappointment over the Bank of Ghana’s supervision of the operations of Microfinance Institutions in the country and charged the regulator to be proactive.

“Be proactive, step up measures to ensure that situations where financial institutions dupe unsuspecting customers are brought under control,” the President demanded.

Mr Mahama made the remarks when he addressed a durbar of the chief and people of Ntotroso in the Asutifi North District as part of his two-day working visit to the Brong-Ahafo region.

The President further directed the Bank of Ghana (BoG) to speed up processed to ensure that cash deposits of customers of DKM Diamond Microfinance in the Sunyani Municipality are paid them.

Barely two months ago, the Financial Intelligence Centre (FIC), Ghana, a national anti-money laundering organisation under the BoG, froze the accounts of the company which has branches in Wenchi, Techiman, Nkoranza, Berekum, Wa, and Bolgatanga for some operational lapses.

According to the BoG, the company carried its operations in a manner that was detrimental to the interest of depositors and so suspended its operations for a 90-day period.

Mr Mahama who was responding to a plea by Barima Twireku Ampem, the Omanhene of the Ntotroso Traditional Area, to intervene for the customers of the company, advised customers of the company to exercise patience, as the BoG and management of DKM worked out modalities to resolve the issue.