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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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‘We cannot bailout DKM’ – BoG Governor

bycitibusinessnews
March 22, 2016
in Business, Top Stories
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The Governor of the Bank of Ghana, Dr Henry Kofi Wampah has made it clear that the central bank cannot bailout DKM microfinance.

[contextly_sidebar id=”CddTpMTG5KqdP73hKXcz3FOxrbaaGe6m”]According to the Governor, the central bank has begun the liquidation process with the registrar general’s department which makes it impossible for a bailout of the microfinance company.

Some Members of Parliament have asked the central bank to rather consider a bailout for DKM instead of liquidating the assets of the company to pay off depositors funds.

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Their demands follow the delay in the payment of locked up investments by embattled DKM Microfinance Company.

But the Governor of the Bank of Ghana, Dr. Henry Kofi Wampah responding to the calls for a bailout said there is currently a forensic audit ongoing on DKM.

‘‘On the microfinance bail out, now you cannot bail out the company which is under liquidation. We have revoked the license of DKM and now the process of liquidation has started and that starts with a forensic audit which has been commissioned.”

“We are working with the Registrar General’s department on that process and the process will ensure that we do everything. Whatever we do will be within the laws because our legal people will look at any action we need to take.”Dr  Wampah stated.

–

By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana

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