Bank of Ghana Governor Henry Kofi Wampah
Bank of Ghana Governor Henry Kofi Wampah

By: Robert Ayanful

The Bank of Ghana has warned micro-finance institutions in the country operating without license to cease operation or risk facing arrest and possible prosecution.

Bank of Ghana Governor Henry Kofi Wampah
Bank of Ghana Governor Henry Kofi Wampah

Already, some of such institutions are said to have been arrested and put before Court to face the law.

This was disclosed by officials of the Central Bank during the 33rd Annual General Meeting of the Enyan Denkyira Rural Bank at Ajumako Onwomase in the Ajumako-Enyam-Assiam District of the Central Region.
According to the officials, BoG continues to receive numerous complaints of operations of illegal micro-finance institutions in the country occasionally, especially in the rural areas.

They revealed that these self-acclaimed money-lending institutions promised their unsuspecting customers huge returns of their savings, but turn to bolt away after succeeding duping them.

They mentioned petty traders, market women and farmers as some of the people who normally fall prey to the activities of these illegal micro-finance institutions.

They have therefore advised the public to be cautious of any such financial institution that promises high interest rates on savings, and demand their certificate of registration by the Bank of Ghana, and report them to the nearest police station if they fail to produce their certificate.

Subscribers would confirm that there has been rampant report of such self-acclaimed micro-finance institutions that have collected monies from the unsuspecting public in parts of the country, running into millions of Ghana Cedis and bolted away with them without trace.

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