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Microfinance crisis ‘It will be bad precedent to bailout DKM customers’ - Ken Thompson

Speaking on Viasat 1’s Business Time, Ken Thompson said the microfinance scandal is being politicized, while admitting the scandal “is a bad one.”

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The Managing Director of Dalex Finance Ken Thompson play

The Managing Director of Dalex Finance Ken Thompson

The Managing Director of Dalex Finance Ken Thompson has said it will be a bad precedent for government to bailout customers of microfinance company, DKM.

Speaking on Viasat 1’s Business Time, Ken Thompson said the microfinance scandal is being politicized, while admitting the scandal “is a bad one.”

“I think we are politicising the entire issue. Government cannot afford to bail out these customers. I don’t think so. I think this would be a bad precedent. I won’t support this, although the situation is a bad one,” he said.

The Bank of Ghana told parliament yesterday that auditing firm PriceWaterhouseCoopers(PWC) is expected to liquidate the assets of troubled microfinance company, DKM, to raise money to payback depositors whose monies were locked up with the company.

“We have met the Registrar General and a firm that will be doing the liquidation is PWC and the process has started but first we have to ascertain the total assets of the institution including those of related companies and the liabilities and that of other companies,” Wampah said.

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