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Microfinance crisis BoG to sensitise microfinance institutions, public

Addressing the first Ghana Association of Saving and Loans Companies (GHASALC) stakeholders meeting in Accra, Frimpong-Manso said ,“We are going to [provide] sensitization programmes to the public and players in the financial sector to enlighten them on banking and its policies.”

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Bank of Ghana play

Bank of Ghana

The Bank of Ghana will established regional offices across the country to sensitise the public and players in the financial industry to enlighten them on banking and it policies, Head of the Licensing and Resolution Office at the Bank of Ghana, Joseph Frimpong-Manso said Tuesday.

Addressing the first Ghana Association of Saving and Loans Companies (GHASALC) stakeholders meeting in Accra, Frimpong-Manso said ,“We are going to [provide] sensitization programmes to the public and players in the financial sector to enlighten them on banking and its policies.”

“Some do not have the license from BoG to operate and tend to collaborate with others to work; this is not helping the industry hence the establishment of BOG regional offices,” he added.

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.

But president John Mahama in his state of the nation address blamed the BoG for the crisis.

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According to him, lack of effective supervision by the central bank of Ghana led to the very famous DKM case where hundreds of customers of had their savings go waste.

“These microfinance companies come under the direct supervision of the Bank of Ghana. Unfortunately, lack of effective supervision on the part of the central bank has resulted in many cases in which microfinance licensed by the Bank have breached the rules of procedure they were supposed to follow and have created supposed pyramid schemes that eventually came crashing down,” he stated.

But the Chief Executive Officer of Databank Kojo Addae-Mensah told Accra based Class FM that the Bank of Ghana cannot be entirely blamed for the microfinance crisis.

He said it was incumbent on prospective investors to do due diligence before investing in a company that promise that huge investment returns.

Several people have committed suicide in the Brong Ahafo Region after several months of failed efforts to get back their monies.

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