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Politics of Wednesday, 3 May 2017

Source: citifmonline.com

NPP defends DCE from God Is Love Microfinance

The New Patriotic Party (NPP) in the Brong Ahafo Region, has downplayed concerns by some aggrieved victims of DKM and God Is Love microfinance companies, who want the party to withdraw the nomination of one Alexander Gyan as the District Chief Executive (DCE) for Kintampo South.

According to the victims, Alexander Gyan, was once a manager for the God Is Love microfinance company that duped thousands of them in one of Ghana’s biggest financial scams.

But speaking to Citi News, the Brong Ahafo Regional Communications Director for the NPP, Adjei Malik, said Alexander Gyan was only an employee of the financial firm.

Mr. Malik further noted that, most of the affected persons have been settled, and beyond this point, Alexander Gyan “was nominated on the basis of his competence to deliver, and that surpasses virtually everything.” “The gentleman [Alexander Gyan], happens to only be a sector coordinator for God is Love.

He worked around the Kintampo area and as we speak now, we are aware that God is Love, as an institution that wrongfully engaged in financial activities, has been able to settle a chunk of the people who actually invested their money with them.”

“In any case, it is the directors of the company and managing directors who are called to book. An ordinary young man seeking an employment opportunity who gets employed in the process should not be the one to suffer the consequences of the legal regulatory confusion that erupted,” Mr. Malik said.

The God is Love Fun Club, along with DKM Microfinance, Little Drops Financial Services, Jaster Motors and Investment Limited, and Care for Humanity Fun Club, took deposits from clients with the promise of huge returns, but they ended up not fulfilling their promises.

They shut down their offices making it difficult for clients to contact them for their deposits.

Thousands of these clients lost their investments, running into millions of cedis, after the Central Bank suspended the operations of the institutions for violating the banking Act.