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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

  • INTERNATIONAL
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    • Africa
    • Asia
    • Europe
    • Middle East
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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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DKM Update: Court to hear case after granting bail to two executives

bycitibusinessnews
November 20, 2015
in Banking And Finance, Business, Top Stories
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A district court in Sunyani is expected to continue with a case brought before it by some customers of DKM microfinance seeking the court to order the company to pay them their locked up monies.

[contextly_sidebar id=”XCFeuUPkvM7gQ5cb0Wm9eiWaUVhjnMEm”]Two executives of DKM, the CEO, Martin Delle and a General Manager, Richard Xavi were on Tuesday granted bail after being remanded last Friday.

They were released after fulfilling the bail requirement of GH¢100,000 with two sureties.

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Today’s hearing will determine the next line of action of both the management and the affected customers.

This case notwithstanding, another district court has ordered that the management of DKM furnishes it with financial statements and all documents in the name of the company following a case brought before it by another group of aggrieved customers.

The head of communications of DKM, Ransford Agyeman in an earlier interview with Citi Business News was optimistic of moves by the company to pay all monies it owed customers although he could not provide specific timelines.

“Any organization goes through internal operational difficulties and it is our operational mandate to manage this crisis effectively so that we can able to handle our clients well in other words for them to have access to their monies so presumably things as required of them,” he said.

One of the affected customers of the Sunyani branch of the bank, Peter Kontunatey who has about GH¢40,000 locked up in the bank tells Citi Business News how the development is affecting a loan facility he contracted.

“It has greatly affected me because the purpose for which I deposited the money, have not yielded any result. So I am rather paying money to the bank I have not benefitted from; every month they deduct from my salary including the interest so I’d rather need it to go and give it to the bank and be free,” he lamented.

Meanwhile the Governor of the bank of Ghana, Dr. Henry Kofi Wampah says the Central Bank is working around the clock to ensure DKM Microfinance Company pay customers their initial deposits as was directed earlier.

“DKM and the others we are working on, we have also been doing a lot of education and we will improve on that because the only way you can deal with this is through education. A lot of people are ignorant about this. I hope you do not put your money into a microfinance institutions which is giving about 30% interest per month which is unsustainable. Let me say also that part of those who are actually engaged in these are also full of greed and it is also greedy if you believe that you will get that kind of interest from such people.” Dr. Wampah said.

–

By: Pius Amihere Eduku/citifmonline.com/Ghana

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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Local currency crosses ¢10 to one dollar mark on retail market

byNerteley Nettey

The local currency has crossed the ¢10 to one dollar mark on the retail market. A visit by Citi Business...

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VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

VADUG members resist implementation of Customs Amendment Act

AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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