Economy

BoG lifts ban on DKM Diamond Microfinance Company

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The Bank of Ghana has finally cleared Sunyani-based DKM Diamond Microfinance Company to resume operations.

The Governor announced lifting the ban on the company’s operations today at the press conference to announce decisions of the Monetary Policy Committee meetings.

This is after the 30-day extension of a 3-month moratorium on the company’s operations and accounts expired last Friday.

Depositors have since been anxious of a resumption of the company’s operations to withdraw their funds

Meanwhile, management of the company has stated it is commitment to comply with all the directives and conditions given by the Central Bank.

Chief Executive Officer Martin Delle told Joy Business we have been given the greenlight to start operations but with conditions to start paying back customer-deposits and we are also not to take deposits until the bank of Ghana directs otherwise.”

The Central Bank took the action as part of efforts to address concerns the company was operating outside its remit.

Mr. Martin Delle is hopeful of a smooth resumption. “We have made arrangements with our customers in order to allow those who are so desperate to come and withdraw their monies.

“But we will do our best to control the influx of depositors to our offices to withdraw their cash so that everything will be orderly done.”

Some customers were obviously elated by news that the company was opening its operations saying this would afford them the opportunity to withdraw their monies which have been locked-up for months.

One of them told Joy Business he is still upset about the hardship the BoG’s action has brought to his family, he is at least pleased the long wait is gradually coming to an end.

The company is expected to open its doors to customers on Tuesday, September 22.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.