The Governor of the Bank of Ghana (BoG) Dr. Henry Kofi Wampah says the central Bank is working around the clock to ensure DKM Microfinance Company pays customers their initial deposits as directed earlier.
According to Dr. Henry Kofi Wampah the central bank is also putting together regulations which will be introduced after parliament passes the special depositors bill which will give protection to depositors funds especially those with microfinance institutions.
DKM is struggling to pay depositors their funds after the central bank lifted a moratorium on its operations.
According to the governor of the central bank Dr. Henry Kofi Wampah depositors must shy away from microfinance companies which offer unsustainable high interest.
“DKM and the others we are working on We have also been doing a lot of education and we will improve on that because the only way you can deal with this is through education. A lot of people are ignorant about this. I hope you do not put your money into a microfinance institutions which is giving about 30% interest per month which is unsustainable. Let me say also that part of those who are actually engaged in these are also full of greed and is also greedy if you believe that you will get that kind of interest from such people.”
‘It seems to be beyond Brong Ahafo, Upper West and Eastern regions and some of these would be addressed in the new bill which is before parliament which is the SDI bill called the Special Deposits Institution bill which has a lot of issues regarding situations like this and the regulations are being put in place.’ Governor of Bank Dr. Henry Kofi Wampah said.
Source: citfmonline