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DKM microfinance saga Parliament to grill BoG over microfinance companies

Wampah is expected to be in the August House on Tuesday, March 8, 2016.

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Henry Kofi Wampah, Governor, Bank of Ghana play

Henry Kofi Wampah, Governor, Bank of Ghana

Governor of the Bank of Ghana (BoG), Dr. Kofi Wampah, has been summoned to appear before Parliament to brief Members on the operations of Savings & Loans and Micro Finance Companies in the country with particular reference to DKM Diamond  Microfinance, Little Drops Financial Services, God is Love Fun Club, Jaster Motors and Investment  Company and Care for Humanity Fun Club.

Wampah is expected to be in the August House on Tuesday, March 8, 2016.

More here: Mahama blames Bank of Ghana for DKM Scandal

The Majority leader in parliament, Alban Bagbin on Friday, March 4, 2016 announced that the Governor of the Bank of Ghana would appear to brief the House,  behind closed doors, on the operations of savings and loans companies and microfinance companies operating in the country.

His invitation to the House was spurred by concerns raised by the minority members in parliament in which they accused the BoG of shirking its regulatory and supervisory roles, resulting in the loss of huge sums of money in deposits in those financial firms by customers.

According to the minority leader, Osei Kyei-Mensa Bonsu, "This is a tragedy that has befallen us as a nation. This is a national emergency to some of us and it should be treated as such."

See also: BoG can't be blamed for DKM Saga - Databank CEO

"Is it the case that we should always be lamenting and leave people who are responsible for it? We were told some officials of the Bank of Ghana went to the enclave to encourage people to invest. Bank of Ghana failed to act even when huge monies were being withdrawn and converted into foreign currencies." he added.

Finance Minister, Seth Terkper, on Tuesday, February 23, 2016,  told law makers that rogue microfinance company, DKM Ltd, diverted GHS77 million of investors' deposits into personal businesses and subsidiaries belonging to the firm's managers.

Read more: DKM diverted GHS77m of investors' fund - Terkper

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 GHS77 million cedis was used for.

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