Dr Ernest-Addison, BoG Governor

Founder and Chief Executive Officer of Ropa Microfinance Limited in Akyem Asuom in the Eastern Region, has welcomed the decision by the Bank of Ghana (BoG) to revoke the licenses of 347 insolvent microfinance institutions.

Paul Amaning said the decision has rather saved his company from total collapse.

“I think the decision by BoG was a very good decision else it wouldn’t have been a pleasant thing for me and my company at all,” he said in an interview on Asempa FM’s Ekosi Sen, Monday.

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The shutdown of the 347 microfinance institutions took immediate effect from May 31, 2019. 

The licences of 192 of them were revoked in addition to that of another 155 that had ceased operations.

A statement issued by the BoG said these actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the BoG to revoke the licences of a bank or Specialised Deposit-taking Institution, when it determines that the institution is insolvent or is likely to become insolvent within the next 60 days.

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In his case, Mr Amaning is blaming his former workers for contributing to the company’s current situation after they lost GH¢ 600, 000.00 to thieves.

“I blame some of my workers because they ended up stealing some of the money when they are tasked to go for monies from our client. When they go for deposits like 100 cedis they end bringing 10 cedis which really affected us,” he lamented.

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He said the company, which started operations in 2009, started suffering from 2014 but was forced to go for loan of GH¢ 200 million to defray some of its debts.

Mr Amaning, who claims he has GH¢C 60, 000.00 left to pay, said since he started operations in 2009, officials of the BoG have ever visited his company to run checks, which to him partly contributed to the collapse of his company.

Source: Adomonline.com | Dorcas Abedu-Kennedy