A number of institutions providing microfinance, investments, savings and loans services are springing up to provide different facilities to businesses and individuals at lower rates compared to the traditional companies.

Although these institutions are able to meet the Bank of Ghana’s minimum capital requirement of GHC500,000 for deposit taking institutions and GHC300,000 for non- deposit taking firms, sustaining their financial dealings with clients remain a challenge.

A number of them are unable to pay back the return on investments made by their clients.

Two of such victims who preferred to remain anonymous told JoyNews on MultiTV that after using huge sums to invest in the U.S Group of companies farming project, they are yet to reap their returns.

‘’The agreement was that there will be an interest of 10 percent monthly and after six months they will give me the returns. February will be a year since l invested GHC16, 000 so l went there in August to claim my six months returns only to be given a bad cheque. I still have not received my money,’’ an investor said.

Another victim said he received an interest rate of eight percent a month for a period of 6months but got nothing when the investment matured.

‘’I invested an initial capital of GHC5,000 to get an interest of GHC2,400 cedis after 6months which matured on the 18th of September this year but all attempts to retrieve my money has been fruitless.’’

The farming project of the U.S group of companies enables it attract funds from the clients who wish to invest in Tilapia project. The tilapia farming is still in operation.

The public relations officer of the company, Delali Frank Quao, admitted that some payments had stalled.

‘’We halted payments in mid-June because we wanted to move away from selling fishes at wholesale price. We realized those into retailing were making monies and in order to enter the retail market we needed enough money.”

He added that they had paid 2,300 clients out of their over 4,000 clientele base.

“We are now paying clients based on the maturity dates of their investments. Clients who have difficulties should not hesitate to come to our offices.”

Delali Frank Quao however refuted allegations that the company is going bankrupt.

Although the U.S Group is still in operation, some investments, savings and loans and microfinance companies have completely shut down.

An anonymous client of DG capital for instance says he invested about GHC3, 600 only for the company to close down.

The recent closure and collapse of some microfinance and investment companies has brought to the fore questions about the safety of depositors' funds.

Executive secretary of the Ghana Association of Microfinance companies, Richard Amaning, says they are working assiduously to establish a depositors fund to serve as an insurance package for clients of members who fold up.

Head of microfinance at the Bank of Ghana, K. S. Osei Bonsu said in an interview that the central bank is making efforts to clamp down on all fraudulent institutions in the microfinance industry.