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Pulse business wrap DKM diverted GHS77m of investors' fund - Terkper

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DKM diverted GHS77m of investors' fund - Terkper

Finance Minister Seth Terkper told law makers today that rogue microfinance company, DKM Ltd, diverted GHS77 million of investors' deposits into personal businesses and subsidiaries belonging to the firm's managers.

According to the finance minister, DKM was registered as a savings and loans company in 2013 but breached the Bank of Ghana's regulations concerning the operations of microfinance companies, a situation that forced the Central Bank to close down the company.

The finance minister could not give details on what the ₵77 million cedis was used for.

Officials of the Bank of Ghana are scheduled to brief parliament in camera with details on the issue.

 

Foreign direct investment dips, according to GIPC

In other news, the latest report by the Ghana Investment Promotion Centre indicates a 31% drop in Foreign Direct Investment between 2014 and 2015.

In addition, the report said the number of registered projects in 2015 was 170, a figure lower by 14 projects compared to the number recorded in 2014.

We go to the currency market now where

Currency                      Buying                         Selling

Dollar                            3.88                            4.19

Pound Sterling             5.49                             5.79

Euro                             4.29                             4.59

 

To updates from the stock exchange today

Ghana Commercial Bank Limited were the biggest gainers of the day, gaining 1p to close at 3.71p, there were no losers.

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