Disappointed Brong Ahafo MPs reject BoG microfinance road map

derrick oduro

Brong Ahafo regional caucus in parliament have rejected proposals by Bank of Ghana (BoG) to liquidate assets of DKM Diamond Microfinance and God is Love Microfinance to pay off depositors.

They said the process outlined by Dr. Henry Kofi Wampah, the Governor of BoG, is unsatisfactory to addressing the issue of repaying depositors.

Speaking on behalf of the MPs, the Nkoranza North MP, Major Derrick Oduro said it is impossible for the Governor to identify all the assets of the microfinance companies since they are scattered.

On March 8, Dr. Wampah briefed Parliamentary Committee on Finance on steps taken by the Central Bank to address grievances of depositors whose monies have been locked up with DKM, God is Love and other microfinance companies across the country.

The Governor told the Committee steps taken including the liquidation of assets of the microfinance companies to help pay some depositors.

Dr. Wampah said they are working to find out where DKM has diverted the ¢77 million of the ¢115 million from depositors.

However, Mr. Oduro said they are not interested in the sale of the assets of the microfinance companies because the victims are traumatized.

Describing the nature of hardship the victims have had to contend with, Mr. Oduro said over 50 people have died because they could not believe their life savings were gone.

“What is the process of liquidation?” he asked saying the Governor has to consult the President if he is not sure of how to raise the money to pay off the depositors.

“We want Bank of Ghana to go and think about it again, come back to Parliament and give us a satisfactory briefing,” he said.

He revealed the Governor will appear to the House to give another briefing before it rises.

Meanwhile, Major Derrick Oduro said he has received death threats because he opposed steps taken by the bank to address the issue.

He said he received one such letter on February 22 threatening to kill him before the November election.

Mr. Oduro said he has notified the leadership of Parliament about the threats for subsequent action.


Source: myjoyonline

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