The assets of managers of troubled microfinance companies in the Brong Ahafo Region would be sold to refund the deposits of their customers, the Bank of Ghana has said.

Funds of customers of companies, including DKM and God is Love have been locked up for months after directors of the firms allegedly spent deposits on their personal businesses.

The companies collected monies from depositors, mostly in the Bono Ahafo region with the promise to pay them over 50 per cent interest within three months.

But the companies have failed to honour their promise with thousands of customers left completely troubled.

The Bank of Ghana met the frustrated customers in Sunyani yesterday to discuss plans to pay them.

Out-going Head of Other Financial Institutions Supervision Department of the Bank of Ghana Raymond Amanfo said, selling off the assets of the managers of the firms would help raise some capital.

He said they have investigated and established that an agent of God is Love Microfinance was sent to deposit one million cedis into a secret account.

That individual he stressed had been arrested and is assisting with investigations.

He asked the customers to assist with any information that will lead to the arrest of persons linked with any of the companies.

He said their assets will also be seized and sold in order to pay the debts.