Some customers of defunct microfinance company, DKM have welcomed the early exit of the Governor of the Bank of Ghana (BoG), Dr. Henry Kofi Wampah.
Dr. Wampah’s tenure at the central bank witnessed a debacle in the microfinance sector, resulting in many Ghanaians losing millions of cedis to some microfinance companies such as DKM and God is Love Fun Club.
A statement released by the Bank of Ghana which confirmed the Governor’s exit stated that in view of Dr. Wampah’s long outstanding leave days, he will be taking an early retirement from the central bank ahead of the end of his tenure which falls on August 5, 2016
Even though most of the depositors could not retrieve their funds, some have expressed satisfaction over Dr. Wampah’s exit, blaming him for poor supervision in the sector.
“For us, if the information that we are hearing is that he is bowing out ahead of time, we will be happy about that but we will not be happy if such a person is allowed to end his tenure”, an aggrieved customer of DKM told Citi Business News.
“If you are put in a public position or office and you are not acting well, you should honorably leave the office for somebody else to take over,” the customer added.
Another intimated “Maybe he was not willing to help in the situation but I do not know whether the willingness is there it can be used to test the person who is coming to succeed him”.
Criticism of debacle in microfinance
In the 2016 state of the nation’s address, President John Mahama also lashed out at the central bank for the debacle, pointing out that government cannot remove the governor since the law forbids it.
Financial analyst, Sydney Casely Hayford has also chastised the governor for the poor handling of the debacle which resulted in confusion at the premises of some of the microfinanc companies in the Brong Ahafo region.
By: Lawrence Segbefia /citibusinessnews/Ghana