The Bank of Ghana has denied directing Sunyani-based Micro-finance Company, DKM Diamond not to pay interest on customer deposits.
The company last week re-opened its operations to the public after a 120-day moratorium by the BOG to enable it pay off customer-deposits.
Some customers have however, been upset after months of waiting, saying they have been denied interests on their deposits – a decision the company says is a Bank of Ghana-directive.
But speaking with Joy Business, Head of Other Financial Institutions Supervision Department of the BoG Raymond Amanfo said that cannot be the Central Bank’s directive.
“We cannot just direct them not to go by the agreements that they themselves have entered into. But it’s a matter between them and their clients” he emphasized.
What the Central Bank has done he stated, is “defreeze their accounts. We have also released the funds that were seized from them because of the moratorium. That was done on the 18th of September.”
Mr. Amanfo added that DKM Diamond has been directed to pay all liabilities to its clients and they are not to take any fresh deposits.
“They have to satisfy every liability that has accrued in their books because we don’t know the kind of terms and conditions they have gone into with their clients” he stressed.
The Central Bank on 11th May 2015 placed a 90-day moratorium on the operations of DKM after it was found culpable of operating outside the banking regulations.
The freeze was however, extended by 30 days to afford the company the opportunity to streamline its operations and to protect customer deposits.
Latest Stories
-
19 steps for getting over even the most devastating breakup fast
3 hours -
8th Ghana CEO Summit launched with focus on AI transformation, economic diversification
3 hours -
Prof Opoku-Agyemang has not been given a fair appraisal – Ablakwa
3 hours -
Rainstorm wreaks havoc in Keta and Anloga districts, residents count their losses
3 hours -
Global Plastics Treaty negotiations begin in Ottawa as countries converge on phasing out problematic plastic uses
3 hours -
Support energy alternatives adoption to sustain businesses – GUTA tells government
3 hours -
11th DRIF opens in Accra with a call on governments to focus on digital inclusion
3 hours -
Stakeholders outline plans at RE4C Coalition’s General Assembly in Accra
3 hours -
Women Need ‘shock observers’ for active political participation – Ex-Bauchi Assembly Member
4 hours -
2024 polls: Stop fighting over positions in Mahama’s next government – Asiedu Nketiah
4 hours -
Although people may not always listen to the lyrics, there’s still a market for rap in Ghana – E.L.
4 hours -
Passengers appeal to transport operators to officially announce new fares
4 hours -
Damongo: About 400 NPP Members resign over Minister’s alleged meddling in chieftaincy affairs
4 hours -
Next NDC government will pay special attention to women – Naana Opoku-Agyemang
4 hours -
Amerado is singing and it’s good he’s doing that – Lyrical Joe
5 hours