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General News of Wednesday, 24 February 2016

Source: starrfmonline.com

'MPs bail out call for DKM customers disappointing'

Former Managing Director of Amal Bank, Mr. Menson Torkonoo has lashed out at Ghana’s parliament for calling on government to bail out aggrieved customers of DKM microfinance.

Owners of the Brong Ahafo-based DKM have swindled their clients of several millions of Cedis.

Some of its management members are standing trial for failing to give back savings of their numerous clients. The bank of Ghana has blacklisted the company and several other dubious microfinance firms have been closed down.

Leadership of Parliament on Tuesday made a case for the Central Bank to bailout unsuspecting contributors who fell prey to the activities of the DKM microfinance.

Minority leader Osei Kyei-Mensah-Bonsu in an interview on Morning Starr Wednesday said “This is a tragedy that has befallen us as a nation. This is a national emergency to some of us and it should be treated as such”.

But Mr. Torkonoo said there is no justification for government to bail out customers who engaged in a private business.

“I am really disappointed for our MPs to make such a call, I am really disappointed, it is one of the worst calls they have ever made. I don’t see how they expect government to come and give a bail out to DKM customers.

“DKM is a private company even though they are supposed to be supervised by the Bank of Ghana…I mean I don’t think the call is correct and I don’t agree with them,” Mr. Torkonoo told Morning Starr host Nii Arday Clegg.

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