Check background of micro-finance companies – President

President John Mahama
President John Mahama

President John Dramani Mahama, on Thursday ended his three-day “accounting to the people” tour in Brong-Ahafo region, with a call on Ghanaians especially commercial drivers and traders to check the background of financial institutions before transacting business with them.

He emphasized that no financial institution in the country could add monthly interest rate of 50 percent on cash deposits.

Interacting with commercial drivers, market women and traders in the Berekum Municipality to round-off the tour, which enable him to reconnect to the people, President Mahama advised customers whose cash deposits are locked up in the DKM brouhaha to exercise restraint.

Millions of cash deposits of customers of the DKM and five other micro-financial institutions in Brong-Ahafo had been locked up following an investment crisis which hit the companies last year.

But, President Mahama explained that the Bank of Ghana (BOG) had sought the services of liquidators and very soon some properties of the company would be sold out to payback the customers.

He partly blamed the central bank for poor banking supervision, and advised the depositors to register with their passbooks and identity cards with the liquidators so that their monies would be paid back as and when necessary.

President Mahama advised those who had attained 18 years and above but had not being captured in the voters register, to go and register their particulars in the on-going voters registration exercise.

Source: GNA

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