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Ghana Finance Minister Seth Terkper called to parliament over DKM saga

The call for the Minister to appear before the house was made by Deputy Majority Chief Whip, Ibrahim Ahmed, and Minority MP for Sunyani, Ignatius Baffour Awuah.

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Ghana's Finance Minister, Seth Terkper play

Ghana's Finance Minister, Seth Terkper

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

The call for the Minister to appear before the house was made by Deputy Majority Chief Whip, Ibrahim Ahmed, and Minority MP for Sunyani, Ignatius Baffour Awuah.

Addressing the speaker, Ibrahim Ahmed said parliament must be briefed on circumstances under which deposits of their constituents were allegedly squandered by owners of these microfinance companies.

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“Mr. Speaker, there have been press conferences from various areas but I think that as representatives of the people, it is better if we will have the information from source. So, when the Finance Minister is invited, he should be able to tell us what actually happened and the way forward”, he said.

On his part,  the deputy minority chief whip Ignatius Baffour Awuah, said the situation in his home- region, Brong Ahafo, was  alarming enough to warrant action from parliament.
 

“The amount of money involved is within the range of GHc1billion and looking at a region with a relatively low income people, mobilizing a total of about GHC1billion is quite a huge sum of money. I think the honourable Finance Minister will do us a good service if he comes here and explains to us what led to that and what the Bank of Ghana is doing so that at least the people who invested in these micro-financial institutions will at least be assured of the way forward.”

Pulse Business can therefore confirm that processes have been initiated for the minister of finance to address the issue next week.

Seth Terkper will be expected to enumerate steps being taken by the Ministry of Finance and the Bank of Ghana to forestall future occurrences of the problem, and how deposits being held by microfinance companies are being adequately protected.
As to steps being taken to redeem investments of customers in the rogue microfinace companies, the Minister is supposed to update parliament on steps taken so far.


 

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