Bagbin wants BoG to bailout DKM depositors

Read Article

Comments (47)

This article is closed for comments.

Read Comments Comments (47)

komfo 8 years ago

No tears for Kweku Ananse.They were very greedy and now that they are paying the price BOG should bail them out?No way!!!
BOG should not pay them anything.

No tears for Kweku Ananse.They were very greedy and now that they are paying the price BOG should bail them out?No way!!!
BOG should not pay them anything.
Yad 8 years ago

Who was supposed to monitor those banks?Did Bagbin issue the lisence to them?Its BOGAll these shit came because BOG didn't monitor them.Again finance minister said they used the monies in their own businesses when asked he co ...
read full comment

Who was supposed to monitor those banks?Did Bagbin issue the lisence to them?Its BOGAll these shit came because BOG didn't monitor them.Again finance minister said they used the monies in their own businesses when asked he couldn't say so don't fucking go there?BOG is the cause of all these bullshit
kwasi.m US 8 years ago

This is politics. u don't use tax payers money to pay scam.this is not the first time and it won't be the last .i disagree with majority leader.....

This is politics. u don't use tax payers money to pay scam.this is not the first time and it won't be the last .i disagree with majority leader.....
Angel 8 years ago

YOU ARE WRONG TO THINK THAT THIS THESE DEPOSITORS ARE INVOLVED IN A FRAUD!!! YOU ARE LYING. THESE ARE INNOCENT PEOPLE. THE BOG GAVE DKM AND CO. THE CHANCE TO RUN THESE INSTITUTIONS. HOW CAN YOU SAY BAGBIN IS WRONG?

YOU ARE WRONG TO THINK THAT THIS THESE DEPOSITORS ARE INVOLVED IN A FRAUD!!! YOU ARE LYING. THESE ARE INNOCENT PEOPLE. THE BOG GAVE DKM AND CO. THE CHANCE TO RUN THESE INSTITUTIONS. HOW CAN YOU SAY BAGBIN IS WRONG?
JAMASINI BA 8 years ago

Yes, Bagbin is right to say that BOG officials didn't do their work properly. However he is wrong on the bail out. Why should the tax payer's money be used to take care of the dereliction of duty of a paid public official(s)

Yes, Bagbin is right to say that BOG officials didn't do their work properly. However he is wrong on the bail out. Why should the tax payer's money be used to take care of the dereliction of duty of a paid public official(s)
Bonsra- Kumasi 8 years ago

Hon. Bagbin's suggestion is unfortunate to say the least. The taxpayer's money cannot be used to settle purely private liability. Taking on the BOG on its task is different from bailout. From what funds? Consolidated funds?
...
read full comment

Hon. Bagbin's suggestion is unfortunate to say the least. The taxpayer's money cannot be used to settle purely private liability. Taking on the BOG on its task is different from bailout. From what funds? Consolidated funds?
Depositors' should have done their checks well in taking their private decisions. Was the BOG involved in such private decisions? Mere due diligence check of 'micro transactions' by depositors should have raised the 'red flag'.
It would be appropriate for members of parliament to be abreast with the dynamics of financial service industry and not be over clouded with partisan politics on almost every issue.
Queen 8 years ago

There we go AGAIN. A VERY CLEAR CASE OF CREATE, LOOT & SHARE. NONSENSE.WHY SHOULD TAX PAYERS MONEY BE USED TO PAY THEM. MAHAMA GOVERNMENT CONNIVED WITH DKM TO STEAL THE MONEY.

There we go AGAIN. A VERY CLEAR CASE OF CREATE, LOOT & SHARE. NONSENSE.WHY SHOULD TAX PAYERS MONEY BE USED TO PAY THEM. MAHAMA GOVERNMENT CONNIVED WITH DKM TO STEAL THE MONEY.
wonua 8 years ago

Yes, the bank of Ghana may have ok them to run but not to offer those ridiculous interest rates. Didn't anybody in those towns or villages see this weirdness of these offers? Lord have mercy. Why didn't they do business with ...
read full comment

Yes, the bank of Ghana may have ok them to run but not to offer those ridiculous interest rates. Didn't anybody in those towns or villages see this weirdness of these offers? Lord have mercy. Why didn't they do business with the traditional banks?
RPG 8 years ago

During the propagandist SOTN address John Mahama sought to lay the blame squarely on the BoG and thus, the Governor, for lack of effective supervision leading to the loss of various sums of money by Ghanaians all over the cou ...
read full comment

During the propagandist SOTN address John Mahama sought to lay the blame squarely on the BoG and thus, the Governor, for lack of effective supervision leading to the loss of various sums of money by Ghanaians all over the country, effectively shifting the blame from his wife, alleged to be behind that DKM scam. It was predicted Henry Kofi Ampenamawu Wampah was not, was never going to allow himself to be sacrificed and used as the scapegoat in this scam.
From the look of things, it is more than clear Henry Kofi Wampah is not going to appropriate taxpayer funds to offset a scam perpetrated on Ghanaians, allegedly by Lordina Mahama, the first lady.
So Ghanaians are demanding the whereabouts of their stolen money? Where is the money?
Earl Jones 8 years ago

To blame customers for not doing due deligence on DKM is to show unacceptable ignorance.
ANYBODY would be fully satisfied that they have conducted due deligence if the national bank of the country says an institution is in g ...
read full comment

To blame customers for not doing due deligence on DKM is to show unacceptable ignorance.
ANYBODY would be fully satisfied that they have conducted due deligence if the national bank of the country says an institution is in good health and fit to operate.
It does not get better than that.
wonua 8 years ago

These are two things: certifying them to operate as a non bank or bank financial institution is different from certifying them to offer ridiculous interest rates. As a customer you also have to do your due diligence. It was v ...
read full comment

These are two things: certifying them to operate as a non bank or bank financial institution is different from certifying them to offer ridiculous interest rates. As a customer you also have to do your due diligence. It was very clear that those interest rates were too good to be true. This is common sense.
Praiz, USA 8 years ago

The shirking of oversight responsibilities by BoG is largely to blame.

The shirking of oversight responsibilities by BoG is largely to blame.
Life 8 years ago

These guys got greedy. The tax payer should not pay for this.

These guys got greedy. The tax payer should not pay for this.
maka 8 years ago

Dis man deserver to be sack.is incompetent

Dis man deserver to be sack.is incompetent
Kaywuo 8 years ago

It is common sense at its best.Why were the DKM customers thinking when DKM was promising them those hefty interest when the traditional banks(who are well established) were not doing same? What were the customers thinking ab ...
read full comment

It is common sense at its best.Why were the DKM customers thinking when DKM was promising them those hefty interest when the traditional banks(who are well established) were not doing same? What were the customers thinking about where DKM was generating their revenues to pay these heft interest? Are DKM guys magicians? Note this is not the first time this scam has happened in Ghana. The customers were just greedy. Whoever invested there should put his or her in shame.
Some times we have to use the head the good lord has given us. Aba! In so far as the BOG renegaded on their duty, the customers involved should also have used their God given head.
musah, China 8 years ago

If ndc wants to lose BA VOTES then they shouldn't pay and we shall show them the exit come 7th Nov.dkm was operating openly and they didn't runaway till bog freezed their entire assets. Govt must pay the customers because eve ...
read full comment

If ndc wants to lose BA VOTES then they shouldn't pay and we shall show them the exit come 7th Nov.dkm was operating openly and they didn't runaway till bog freezed their entire assets. Govt must pay the customers because even woyome was paid 31 million dollars as against 25million dollars.
kaywuo 8 years ago

Stop this threatening behaviour. You and your folks should rather be ashamed. It was out of sheer greediness on your part to do business with DKM and co. The signs were very clear. How on earth should you accept such ridiculo ...
read full comment

Stop this threatening behaviour. You and your folks should rather be ashamed. It was out of sheer greediness on your part to do business with DKM and co. The signs were very clear. How on earth should you accept such ridiculous interest rates. There are still charlatans out there. Even the pastors are worse.
Frank 8 years ago

It seems is always about DKM what about others?

It seems is always about DKM what about others?
Kan 8 years ago

Indeed i support hon. Bagbin

Indeed i support hon. Bagbin
wonua 8 years ago

To use tax payers money to pay for such a greedy venture? Lord have mercy.

To use tax payers money to pay for such a greedy venture? Lord have mercy.
Kan 8 years ago

Indeed i support hon. Bagbin

Indeed i support hon. Bagbin
OYIWA 8 years ago

The DKM money is not with BoG but rather with Lordina Mahama. Kofi Wampah is under no obligation to pay monies he didn't take and everybody knows he doesn't have. John Mahama must go and bring the DKM monies.

The DKM money is not with BoG but rather with Lordina Mahama. Kofi Wampah is under no obligation to pay monies he didn't take and everybody knows he doesn't have. John Mahama must go and bring the DKM monies.
AMA TX 8 years ago

He wants BoG to pay them so that the government will be free nd use it as a campaign message no way

He wants BoG to pay them so that the government will be free nd use it as a campaign message no way
Otwenua Adamfo 8 years ago

Pyram and R5 customers will also have to be bailed then, Right?

Pyram and R5 customers will also have to be bailed then, Right?
Kwaku Mensah 8 years ago

We're all aware that a lot of the mps have deposited with dkm that's why he is talking like that. Did bog bailout piram customers when they went bankrupt? Our mps should shut up, because we know those of them who have gone to ...
read full comment

We're all aware that a lot of the mps have deposited with dkm that's why he is talking like that. Did bog bailout piram customers when they went bankrupt? Our mps should shut up, because we know those of them who have gone to dkn or dkm whatever they call them
Free Voter 8 years ago

The honourable member has spoken the best truth so far on this issue. Which is wiser to do, getting 50% profit or 10% profit? It is rather foolish to go in for 10% whether you can get 50%. The license given by bog was used ...
read full comment

The honourable member has spoken the best truth so far on this issue. Which is wiser to do, getting 50% profit or 10% profit? It is rather foolish to go in for 10% whether you can get 50%. The license given by bog was used to advertise and that was why we trusted. BoG should pay. Those who never invested are jealous of our huge profit. So they are saying we invested foolishly. Honourable should continue the fight for the people.
abele 8 years ago

Mahama should not dream of using tax payers money to pay anything.arrest the fraudters,seize their properties and sell them to offset the debt, not my money,or I will sue the Bank of Ghana. pyram and other fraudsters came and ...
read full comment

Mahama should not dream of using tax payers money to pay anything.arrest the fraudters,seize their properties and sell them to offset the debt, not my money,or I will sue the Bank of Ghana. pyram and other fraudsters came and did the same thing,so I am asking when are Ghanaians going to learn the get rich quick mentality.this is an eye opener to others.
abele 8 years ago

;to wean themselves from the get rich quick mentality;

;to wean themselves from the get rich quick mentality;
Tsooboi 8 years ago

This is too cheap, Bagbin

This is too cheap, Bagbin
Ice cool 8 years ago

Stupid mahama and his wife are responsible for that evil act hold them responsible.

Stupid mahama and his wife are responsible for that evil act hold them responsible.
JH. New York 8 years ago

I am surprised to hear that from Bagbin.Bagbin,don't expose your misunderstanding of the Subject.What you suggest is only a figment of your imagination which cannot be honored anywhere in the World.The System does not work a ...
read full comment

I am surprised to hear that from Bagbin.Bagbin,don't expose your misunderstanding of the Subject.What you suggest is only a figment of your imagination which cannot be honored anywhere in the World.The System does not work as you think.Know that the Central Bank is only a Regulatory and Supervision Body.Whether the Central Bank performed its role well or erred in supervision,it does not behooves on BoG to bailout DKM or their Clients (account holders).Let me bring it down for your understanding. BoG do not have a Share of DKM profits or Loss,if any.Or,DKM do not Share profit with BoG,if any.What BoG as a Regulator can do is to Liquidate DKM including Cash on hand,and in Bank including Deposit with BoG and all their Assets,if any,to payoff Accounts holders.And also prosecute DKM to Serve appropriate Jail Term to restore invester confidence in Financial Institutions.Why are those behind DKM Still not jailed!.
KK. 8 years ago

Black people or Ghana, are we serious at all? Whose duty is to sack the so called Wampa? How can a person claim to be governor without knowing his responsibilities?It's better an illiterate maize farmer occupy that post than ...
read full comment

Black people or Ghana, are we serious at all? Whose duty is to sack the so called Wampa? How can a person claim to be governor without knowing his responsibilities?It's better an illiterate maize farmer occupy that post than to allow this selfish guy get away with fatty bonuses,he has nothing good to offer.Who issue the license to DKM? Does that useless gorvenor expect me to supervise? pls Mr President, by this time, you should have send your pet handler to sack this uselesssssss governor with his filthy words at Parliament. Mr President, be serious.
JH. New York 8 years ago

I am surprised to hear that from Bagbin.Bagbin,don't expose your misunderstanding of the Subject.What you suggest is only a figment of your imagination which cannot be honored anywhere in the World.The System does not work a ...
read full comment

I am surprised to hear that from Bagbin.Bagbin,don't expose your misunderstanding of the Subject.What you suggest is only a figment of your imagination which cannot be honored anywhere in the World.The System does not work as you think.Know that the Central Bank is only a Regulatory and Supervision Body.Whether the Central Bank performed its role well or erred in supervision,it does not behooves on BoG to bailout DKM or their Clients (account holders).Let me bring it down for your understanding. BoG do not have a Share of DKM profits or Loss,if any.Or,DKM do not Share profit with BoG,if any.Please don't politicize the System.What BoG as a Regulator can do is to Liquidate DKM including Cash on hand,and in Bank including Deposit with BoG and all their Assets,if any,to payoff Accounts holders.And also prosecute DKM to Serve appropriate Jail Term to restore invester confidence in Financial Institutions.Why are those behind DKM Still not jailed!.
Kwaku Owusu 8 years ago

Honorable, you got it all wrong. Why should the central bank bailout persons, who have taken "greedy" investment decisions? He should know that financial regulatory bodies over the world don't manage institutions but supervis ...
read full comment

Honorable, you got it all wrong. Why should the central bank bailout persons, who have taken "greedy" investment decisions? He should know that financial regulatory bodies over the world don't manage institutions but supervise their adherence to basic regulatory and statutory norms that tend to bring sanity into the industry. For safeguard against abuse of mismanagement to protect investors, certain jurisdictions have established deposits insurance schemes to for minimum guaranteed funds, should there be institutional failures. In all business dealings, the buyer should exercise due diligence not by merely sighting the regulator's licence, but also assessing the sustainability of returns being offered in relation to those generally pertaining in the industry. Ghanaians don't learn from the past since such "scam banks" have "looted" funds from the people in the same communities with the offers of grandiose returns. The opinion of bailout is just a political gimmick, which defies economic and financial intelligence.
Yaw Yeboah 8 years ago

I am sorry to say that we are becoming a very selfish people. I am sure that a large number of the DKM Depositors were from farming communities in B.A. and had previously had little or no experience of investing their monies? ...
read full comment

I am sorry to say that we are becoming a very selfish people. I am sure that a large number of the DKM Depositors were from farming communities in B.A. and had previously had little or no experience of investing their monies? DKM simply played on this fact which is why the fraud was so successful?
I fully agree with the comments that the Government Minister has made which are honest and fair. Those talking about the misuse of tax payers should ask themselves is this same monies
being used by the Government fully accounted for now? State Corruption has reached excessive
and no public spending has been accounted for and this includes tax payers money.
The Bank of Ghana should accept responsibility and fully repay the depositors their monies. These are innocent savers that were duped by
fraudsters because of the incompetence of the
Bank of Ghana. Those that are against compensating these savers please imagine if you had made the same mistake.
JH. New York 8 years ago

Ignorance is not an acceptable excuse
Are you aware of that.Know that BoG is Not in Partnership or Joint Venture with DKM.Therefore,how do an Institution(BoG) which only issued a License to give DKM the go ahead to operate b ...
read full comment

Ignorance is not an acceptable excuse
Are you aware of that.Know that BoG is Not in Partnership or Joint Venture with DKM.Therefore,how do an Institution(BoG) which only issued a License to give DKM the go ahead to operate but has not management role take responsibility of DKM's financial mismanagement.Are u saying that for example,if the Buildings Dept issued Someone a Permit to build a House, the House was built and later Collapsed. At that juncture,Is the Buildings Dept which issued you the Permit responsibility to Refund the Cost to the builder!.Or say,the Contractor on the building is not able to pay his Workers.Is it the responsibility of Buildings License Dept, to pay the Construction workers,
b'cos they issued the License and has inspectors role?.
JH. New York 8 years ago

Therefore the necessary questions to asked the BoG Boss is: why is DKM Assets Not Liquidated to payoff Accounts holders; including Cash on hand and at Bank.including the Guaranteed Deposit with the Central Bank,if any!.Those ...
read full comment

Therefore the necessary questions to asked the BoG Boss is: why is DKM Assets Not Liquidated to payoff Accounts holders; including Cash on hand and at Bank.including the Guaranteed Deposit with the Central Bank,if any!.Those were the pertinent questions.Therefore.who are the real Owners of DKM or the influence behind the Scene.
JH. New York 8 years ago

Therefore the necessary questions to asked the BoG Boss is: why is DKM Assets Not Liquidated to payoff Accounts holders; including Cash on hand and at Bank.including the Guaranteed Deposit with the Central Bank,if any,and Own ...
read full comment

Therefore the necessary questions to asked the BoG Boss is: why is DKM Assets Not Liquidated to payoff Accounts holders; including Cash on hand and at Bank.including the Guaranteed Deposit with the Central Bank,if any,and Owners of DKM not Jailed.Those were the pertinent questions.Therefore.who are the real Owners of DKM or the influence behind the Scene.
Josua 8 years ago

Why should BoG pay these stupid and illiterates Brongs.
When you go gambling to get rich fast and it ends up a lost.
Why should the tax payers money be used to settle some ones mistakes.
Bagbin looks stupid in his thoughts ...
read full comment

Why should BoG pay these stupid and illiterates Brongs.
When you go gambling to get rich fast and it ends up a lost.
Why should the tax payers money be used to settle some ones mistakes.
Bagbin looks stupid in his thoughts with the idea his come up.
Teachers are requesting for their arrears use what BoG has to pay them.
Galbose 8 years ago

The money is gone. It was used in tamale for their preferred candidates to win as ndc parliamentary candidates. How much did Lordina give to suhiyini of radio Rwanda to contest the primaries? How much money did they give to w ...
read full comment

The money is gone. It was used in tamale for their preferred candidates to win as ndc parliamentary candidates. How much did Lordina give to suhiyini of radio Rwanda to contest the primaries? How much money did they give to women in that constituency? They are swindled by Lordina. Are we not hearing of Lordina's involvement in this ponzi scheme. Lord have mercy.
IK 8 years ago

Every body is now sympathising with DKM customers, what about we the customers of US tilapia investment company? I think we all deserve it.

Every body is now sympathising with DKM customers, what about we the customers of US tilapia investment company? I think we all deserve it.
IK 8 years ago

What about the US Tilapia investors sag only DKM? Hmmmmm

What about the US Tilapia investors sag only DKM? Hmmmmm
Kwaku Acpoli 8 years ago

THE LOVE OF MONEY IS THE ROOT OF ALL EVIL.leave the bog alone. those who saved their money fur 70% interest in one month were all fools.

THE LOVE OF MONEY IS THE ROOT OF ALL EVIL.leave the bog alone. those who saved their money fur 70% interest in one month were all fools.
masa 8 years ago

quickly
If NDC wants to lose BA , UPPER EAST AND UPPER WEST VOTES then
they shouldn't pay and we Shall show
them the exit come 7th Nov. DKM and others microfinance was
operating openly and they didn't
runaway till BOG F ...
read full comment

quickly
If NDC wants to lose BA , UPPER EAST AND UPPER WEST VOTES then
they shouldn't pay and we Shall show
them the exit come 7th Nov. DKM and others microfinance was
operating openly and they didn't
runaway till BOG Freezed their entire
assets. Govt must pay the customers
because eve ...
ma 8 years ago

I SUPPORTED THAT. O GOD BLACK MEN WIT BLACK HEARTS.
Black people or Ghana, are we
serious at all? Whose duty is to sack
the so called Wampa? How can a
person claim to be governor without
knowing his responsibilities?It's ...
read full comment

I SUPPORTED THAT. O GOD BLACK MEN WIT BLACK HEARTS.
Black people or Ghana, are we
serious at all? Whose duty is to sack
the so called Wampa? How can a
person claim to be governor without
knowing his responsibilities?It's
better an illiterate maize farmer
occupy that post than ...
SLIMMART1 8 years ago

WHAT IS BAGBIN TALKING ABOUT? HE MUST NOT BE STUPID. SEVERAL YEARS AGO, THERE WAS A PYRAMID SCHEME CALLED "PYRAM" WHICH WAS PAYING DEPOSITORS 60-70% INTEREST ON DEPOSITS. SOME DEPOSITORS GAINED BY GOING IN EARLY, BUT MOST OF ...
read full comment

WHAT IS BAGBIN TALKING ABOUT? HE MUST NOT BE STUPID. SEVERAL YEARS AGO, THERE WAS A PYRAMID SCHEME CALLED "PYRAM" WHICH WAS PAYING DEPOSITORS 60-70% INTEREST ON DEPOSITS. SOME DEPOSITORS GAINED BY GOING IN EARLY, BUT MOST OF US LOST TONS OF MONEY BECAUSE SUCH PYRAMID SCHEMES AREN'T SUSTAINABLE IN THE LONG TERM. NOBODY BAILED US OUT. WHY SHOULD ANYONE BAIL OUT DKM DEPOSITORS FOR A FAILED PYRAMID SCHEME? IT WAS A GAMBLE AND THEY LOST, JUST LIKE WE LOST A COUPLE OF DECADES AGO WITH PYRAM. IF ANYTHING, DKM OWNERS MUST BE JAILED FOR FRAUD, THAT'S ALL.
Nkz boi. 8 years ago

I wonder Hw sm of u talk. Hv u asked urself Hw DKM n co survived for d past 3 yrs until bog came in? I understand sm of u don't hv to deposit

I wonder Hw sm of u talk. Hv u asked urself Hw DKM n co survived for d past 3 yrs until bog came in? I understand sm of u don't hv to deposit

Bagbin wants BoG to bailout DKM depositors

Read Comments .st0{display:none;fill:#14BDD3;} .st1{display:none;} .st2{display:inline;fill:#FC0F0F;} .st3{display:inline;fill:#FFFFFF;} .st4{display:inline;fill:none;stroke:#000000;stroke-width:6;stroke-miterlimit:10;} Comments (47)

Read Comments Comments (47)