MPs react to Finance Minister’s Statement 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.

There were varied reactions to the Finance Minister’s Statement on the Floor of Parliament. 

Most of the MPs who had the chance to contribute to the statement expressed concern about development in the Non-Banking financial sector. 

The MPs recollected the agony of the depositors in their constituencies and pleaded with the Ministry of Finance and Bank of Ghana to ensure that the people whose monies are locked-up in the Savings and Loan Companies such as DKM, God is Love Fun Club and Little Drops Helping Hand Association are refunded to them. 

The MP for New Juaben South, Dr Mark Assibey-Yeboah believes the Bank of Ghana and the government should be blamed for the problems created by the Savings and Loan Companies.

The Brong Ahafo Regional Minister, and MP for Asunafo South, Eric Opoku wanted to know whether the liquidated assets of the companies will be able to offset the debts. 

The Member for Dormaa Central, Kweku Agyemang-Manu said the Microfinance saga should be seen as a national disaster. 

The Member for Tamale Central, Alhaji Inusah Fuseini said having learnt from Pyram and other schemes that sunk people’s money, it is unbelievable that the Bank of Ghana has not been able to halt these practices in the country. 

GBC