Member of Parliament for Manhyia South, Matthew Opoku Prempeh is insisting the Governor of the Bank Of Ghana (BoG) Dr Henry Kofi Wampah steps down as he believes the central bank has failed in supervising the microfinance sector.
According to him ‘as honorable members of this house who passed the Bank of Ghana act, these Micro Finance companies come under the direct supervision of Bank of Ghana.
Unfortunately, lack of effective supervision on the part of the central bank has resulted in these cases. You cannot fire the governor of the Bank of Ghana.’’
Matthew Opoku Prempeh made the call when the Governor Dr. Henry Kofi Wampah addressed MPs on recent developments in the microfinance sector.
Dr. Henry Kofi Wampah during his address disclosed that the central bank has begun the liquidation process to get depositors of DKM microfinance to get their deposits paid back to them.
According to Dr. Wampah, the central bank has informed the registrar General of a 30 day revocation notice of license to facilitate the process.
The Governor also explained that the auction process will be carried out by accounting firm, Price Waterhouse Coopers.
‘‘We have started the liquidation process which begins with a revocation of license.
There are finally down procedures for that.
You have to give notice of revocation for about thirty days. One can protest or petition against that revocation.
So after thirty days, then you revoke the license and start the liquidation process which currently we are working on’.
He added that ‘we have met with the registrar general because he is leading that process. We have met with them and affirm that we will be doing the liquidation thus, Price Waterhouse process has started. But first we have to ascertain the total access of the institutions including those of related companies. Then also, we have to ascertain the possible liabilities of the company.’’
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