Conduct Background Checks on Financial Institutions – President

By Justice Dzido On May 19, 2018

President Nana Addo Dankwa Akufo-Addo has advised Ghanaians to conduct thorough background checks on micro-finance institutions before doing business with them to avoid losing their money.

They should make sure that these financial institutions had been licensed by the Bank of Ghana to operate

President Akufo-Addo said this when he interacted with the chiefs and people of the Nkoranza Traditional Area at Akonkonti-Odumase in the Nkoranza North District at the start of his three-day official visit to Brong-Ahafo Region.

Given the proliferation of micro-finance institutions, he said, the possibility of some of them operating illegally should never the ignored or discounted by anybody.

Many in the area lost their life-savings following the collapse of DKM, Jasta Motors and God is Love micro-credit institutions.

President Akufo-Addo underlined his commitment towards ensuring that cash deposits of deserving customers were paid back to them.

Out of the three, only DKM had the BOG license to operate and that was why the government was facilitating the payment of DKM customers.

Mr. Kwaku Asomah-Cheremeh, the Regional Minister, said 90 per cent of deposits that was held by DKM had been paid to the depositors and added that all deserving customers would be paid after the liquidator had completed his work.

Nana Okofo Agyepong III, the acting President of the Traditional Council, complained to the President about the bad nature of the Nkoranza-Jema, Nkoranza-Asekye and Abease-Atebubu roads.

Travelling on these roads had become a nightmare and negatively affecting the economic activities of the people.

He appealed that the government to move quickly to get the roads fixed.

Nana Agyepong hailed President Akufo-Addo for his bold decision to implement the fee-free Senior High School policy.

He added that the Planting for Food and Jobs programme was another laudable initiative and expressed optimism that One-District-One-Factory would be a dream come true.

Source: GNA