The Bank Of Ghana Must Get Serious

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The dust is yet to settle on the issue of the scam involving DKM financial services in the Brong Ahafo Region, when the news that the same fate has befallen some people in the Volta Region came.

The Central bank, can no longer adopt this attitude of fire fighting, where they wait until something goes wrong, before they step in, to remedy the situation.

The story of DKM, which is still unfolding, was supposed to serve as a wake-up call to the regulator that, a lot of such schemes exist in other parts of the country.

Surprisingly, some of these pomzy schemes run adverts on the airwaves in their respective regions, how is it that, the Bank of Ghana, which has offices in all the ten regions of the country, is not able to avert these unfortunate happenings.

The Central bank, has been stumbling from one mistake to another, while people keep losing their hard earned money.

If we cannot trust the BoG, to introduce and implement policies that could arrest the free fall of the cedi, against it major trading currencies, what about pomzy scheme run by people, who lives amongst us.

What sort of due diligence goes into the decision, to award certificates and licences to individuals to run micro-finance companies or is it a case of people at the BoG, being induced financially to be issuing licences like lotto papers.

The BoG, in a rather late attempt at trying to appease us, is saying that, they have a list of fake financial institutions and are in the processes of ensuring that the law deals with them.

Unfortunately, monies have already been lost, a lot of water has passed under the bridge and this last minute promise, which has taken the bank more than two years, is only fit for the marines.

We at The Herald, are worried, because in situations like this, the government is made to bear the brunt of customers, who themselves get carried away by the promises of sumptuous interest, more than the Treasury bill rate.

The Central Bank of Nigeria (CBN), is doing a lot in that country to regulate activities of the banks, it recently issued a directive to the banks not to grant loans to importers, not to import some commodities that could be produced or is produced locally, the reason was to stimulate the local economy and prevent the loss in value of the Naira.

What have the people at the BoG been doing all these years, except their quarterly Monetary Policy Committee (MPC) meeting to announce the policy rate?

They must get out of the office and go into the communities, towns to clamp down on the fake micro-finance companies.

They should also consider establishing a regulatory body for the Micro-finance companies, as they did to the rural banks, because it looks like they
have a full plate and monitoring and evaluation is becoming a problem.

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