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Microfinace saga Terkper fails to appear before parliament over DKM saga

Terkper was invited by the Business Committee of Parliament  to answer questions concerning the recent controversies that rocked the microfinance sector.

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Finance Minister Seth Terkper failed to appear before parliament yesterday to answer questions pertaining to circumstances that surrounded the operations of rogue microfinance companies, DKM, God Is Love and Justa Motors.

Terkper was invited by the Business Committee of Parliament  to answer questions concerning the recent controversies that rocked the microfinance sector.

However, the finance minister is said to be part of the President's entourage to Tehran to boost bilateral relations between the two countries hence his inability to appear before parliament.

President Mahama described the economic cooperation between Ghana and Tehran as the "beginning of a new epoch in bilateral ties" after the two countries signed new documents on cooperation.

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Addressing the House after the finance minister failed to appear before the law makers, the Leader of the House, Alban Bagbin said "because of the nature of the issue and its importance, I will like the Minister himself to come and brief the House and not a deputy minister."

The Speaker, Edward Doe Adjaho, told MPs he received a letter from Terkper's Office telling the leadership of the minister's inability to appear before them.

The Chief Executive Officer of DKM Microfinance LTD, Martin K. Delle was arraigned before an Accra Circuit Court presided over by Aboagye Tandoh for dishonestly appropriating GH¢40,000 last month.

Three other microfinance operators in the Brong Ahafo Region are also in the custody of the Bureau of National Investigations (BNI) over their alleged roles in swindling peoples of their monies.

The arrested people were Noel Nortey, Nkoranza Branch Manager of God Is Love Fun Club; Charles Asum, Managing Director of Jastar Group of Compa­nies and Monica Afriyie popularly called Maame Korkor, Managing Director of God Is Love.

The Bank of Ghana in October 2015 froze accounts of DKM Microfinance after the central bank placed a 120 day moratorium on the company for flouting the Banking Act.

An audit report by the Bank of Ghana released to the Brong Ahafo Regional Security Council (REGSEC) established that DKM has no investment in the country and beyond after it collected huge amounts of money from numerous customers.

DKM, contrary to Bank of Ghana (BoG) regulation, set up subsidiary companies and lent people’s money to themselves, the report said.

About fifty persons were said to have committed suicide in the Brong Ahafo Region after several months of failed efforts to get back their monies.     

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