Microfinance Crisis BoG 'concerned' about microfinance scam in Volta Region

The microfinance companies suspected to be involved in the scandal include: Little Drops, Prosperity and Good Health Develop Winners, Royal Foundation Global Leads, Royal Care, Marceph Wealth, JODEQ Network Clear Image and Divine Rain.

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The BoG statement said the BoG had no control over their operations or interest payment promises to clients. play

The BoG statement said the BoG had no control over their operations or interest payment promises to clients.

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The Bank of Ghana (BoG) says the microfinance scam in the Volta Region is of 'grave concern' and that it is liaising with the police to bring the perpetrators to book.

The BoG made this known in a press statement to react to the scam involving over 400 people.

Victims of the microfinance scam numbering about 200 staged a demonstration in Ho, and later presented a petition to the regional minister to find the perpetrators.

Clad in red, the demonstrators carried placards with inscriptions such as “Our money, No Vote”, “Prosperity bring our money”,  "No help, no vote," "we need our money back" and “No money, No vote”

The women staged the demonstration Thursday morning play

The women staged the demonstration Thursday morning

The Volta Regional Minister, Helen Ntoso, promised the victims of swift police investigations.

"All we have to do is to report the issue to the police and get the people apprehended, that is all we can do," Ntoso told GBC

The microfinance companies suspected to be involved in the scandal include: Little Drops, Prosperity and Good Health Develop Winners, Royal Foundation Global Leads, Royal Care, Marceph Wealth, JODEQ Network Clear Image and Divine Rain.

According to statement, the microfinance companies are not licensed and regulated by the Bank.

The BoG statement added that it had no control over their operations or interest payment promises to clients.

The statement continued:"The Bank deems the activities of the aforementioned companies, as reported, as purely fraud disguised as some form of banking business.

"The Bank is liaising with law enforcement agencies to trace and bring the perpetrators to book.

"A number of unlicensed operators of similar schemes in the Volta Region have been apprehended in the past and reported to the law enforcement agencies."

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