Citi Business News has gathered that the Bank of Ghana has directed DKM Microfinance Limited to inject a total of GHC 50 million into its operations before it will be allowed to commence operations.
[contextly_sidebar id=”9iwEcVUFJDQoVFsjg3HVsVrq1trP7JHS”]Documents cited by Citi Business News reveal that the directive is part of recommendations made by the BOG after receiving an audit report from Messers MGI Lobban Hyde Chartered accountants who were commissioned to conduct special audit of DKM for the period between 25th October 2013 to 11th May 2015.
The latest directive Citi Business News understands must be backed by documentary evidence after which the bank of Ghana would then give additional directives with regard to the resumption of full operations of DKM.
Per the new directive, the Bank of Ghana says it will be compelled to commence liquidation procedures of DKM microfinance limited if the company fails to inject the 50 million cedis after the expiry of the 90 day moratorium period which elapses today.
DKM with branches in Sunyani, Bolgatanga and Wa had its operations suspended on the 11th of May this year after it violated the banking act.
According to the BOG, the Company failed to hold sufficient assets to meet its liabilities to depositors.
Following the 90 day moratorium, customers of DKM microfinance have appealed to the central bank to give back maturing investments to them whiles investigations continue; a plea the central bank declined.
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By: Lorrencia Nkrumah/citifmonline.com/Ghana