NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, September 4, 2015

Frustrated customers of financial companies with frozen accounts have vowed to make Nkoranza a living hell for government employees if monies lodged with the microfinance companies are not released to them.

The Bank of Ghana froze the accounts of some microfinance companies including DKM and God is Love in May this year. They were accused of violating the Banking Act.

The Bank of Ghana said the companies failed to comply with the terms and conditions stipulated in its licence, as well as holding insufficient assets to meet its liabilities to depositors.

Customers are the worst affected by the Bank of Ghana’s action. About three people who had accounts with the financial institutions have died due to their inability to access their money, the MP for Berekum East has confirmed.

Kofi Ohene Sakyi and Henry Owusu who speak for the affected customers in Nkoranza told Joy News about 90 percent of people living in Nkoranza have their monies deposited in those companies.

They said even though schools have reopened, students are still at home because there is no money to pay for their school fees. Also, sick people cannot go to hospital and most of them are farmers but cannot invest in their farming businesses again.