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

Friday, January 8, 2016

Bono Ahafo Micro Finance crisis has grown into a security crisis as aggrieved clients demonstrate attack and threaten to stop financial institutions from operating.

There have been demonstrations in places such as Sunyani, Nkoranza and in Berekum, towns in the region.

Led by Alex Obeng, parents, teenagers, youth and the old took to the streets of Berekum on Wednesday, demanding action. They have issued a two-week ultimatum after which they will make it impossible for other financial institutions to operate.

According to the leader of a group of dissatisfied clients, Alex Obeng, Godislove Microfinance company owes GHC 80m whist Jarstar Motors and Investment owes 90 million Ghana cedis.

Alex Obeng told Joy FM, they have waited for more than six months for their monies to be refunded them after some of these companies were closed down last year.

On Sunday, a staff of the Jerryson FM linked to one of the microfinance companies, Jarstar Motors and Investment, had his child kidnapped by an angry client. With police intervention, the child has been re-united with the parents.