Parliament summons Bank of Ghana over DKM wahala

Governor of the Bank of Ghana (BoG), Dr. Kofi Wampah, has been summoned to appear before Parliament to brief Members on the operations of Savings & Loans and Micro Finance Companies in the country.

Wampah is expected to be in the August House on Thursday, March 3, 2016.

The event which will be a Close Sitting will see Wampah discuss with Members the circumstances that led to the close of DKM Diamond Micro Finance Company Limited, Little Drops Financial Services, God is Love Fun Club, Jaster Motors and Investment Company Limited and Care for Humanity Fun Club.

His invitation to the House was spurred by concerns raised by some Members of the August House in which they accused the BoG of shirking its regulatory and supervisory roles, resulting in the loss of huge sums of money in deposits in those financial firms by customers.

Finance Minister, Seth Terkper, on Tuesday, February 23, 2016, made a statement on the subject matter but his delivery fell short of certain answers Members were expecting from the central bank.

For instance, Members had expected the Finance Minister to have captured in his statement what measures the central bank was pursuing to ensure that victims in the ponzy scheme get their investment back.

That aside, they had wanted the Finance Minister to brief them on why the central bank sat down for so long for DKM and the other microfinance companies to dupe their clients before stepping in.

Wampah is, therefore, expected to address the above critical questions raised by the Members as well as others when he storms the House on Thursday.