Minister of Finance appears before Parliament on operations of Micro Finance Companies

The Minister of Finance, Seth Terkper, has appeared before Parliament on the operations of micro finance companies particularly DKM Microfinance and four others. 

According to Mr.Terkper, DKM Microfinance was registered as a savings and loans company in 2013 but violated regulations of the Bank of Ghana which eventually led to the closure of the firm.

After customers complained of the firm’s inability to pay their claims, the Bank of Ghana gave DKM a month to raise money so it could be cleared to resume operations and pay its investors their due principals and accrued interests.

But DKM was unable to do so, despite an extension of the grace period accorded it by the Central Bank.

Mr. Terkper said following the financial impropriety of the company and the subsequent freezing of its accounts, the Bank of Ghana has put in measures to sanitize the operations of micro finance companies. 


GBC