Microfinance Crisis Duped Microfinance Investors plead with Mahama to intervene

The microfinance companies suspected to be involved in the scandal include Little Drops, Prosperity and Good Health Develop Winners, Royal Foundation Global Leads, Royal Care, Marceph Wealth, JODEQ Network, Clear Image and Divine Rain.

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Hundreds of residents in the Volta Region who have been duped by microfinance companies are pleading with President Dramani Mahama to intervene so they can retrieve their money.

At a press conference organised by the victims of the scam, the spokesperson of the groups Richard Hadzidey “Mr President, we are appealing to you to use your good offices to get these network companies pay the monies due us since the banks are after us for their monies and interest.”

The microfinance companies suspected to be involved in the scandal include Little Drops, Prosperity and Good Health Develop Winners, Royal Foundation Global Leads, Royal Care, Marceph Wealth, JODEQ Network, Clear Image and Divine Rain.

READ ALSO: No money to pay DKM customers- Liquidator

The demonstrators earlier this year and subsequently presented a petition to the Volta Regional Minister.

The Volta Regional Minister, Helen Ntoso, promised the victims of swift police investigations.

"All we have to do is to report the issue to the police and get the people apprehended, that is all we can do," Ntoso told GBC

READ ALSO: BOG releases list of accredited microfinance companies

But the victims say they have not seen any action after the promise hence the plea with President Mahama to step in.

Meanwhile, the Bank of Ghana (BoG) says the microfinance scam in the Volta Region is of 'grave concern' and that it is liaising with the police to bring the perpetrators to book.

According to the Bank of Ghana, the scam involves over 400 people. The BOG also stated that the microfinance companies are not licensed and regulated by the Bank.

The BOG stated that “the Bank is liaising with law enforcement agencies to trace and bring the perpetrators to book.”

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