7th January, 2016


The raging feud between the Bank of Ghana and depositors over the closure of 70 microfinance institutions is the subject of comment by the two national dailies, the Daily Graphic and the Ghanaian Times.


The Daily Graphic lauds the attempt by the Bank of Ghana to ensure some sanity in the banking sector by not only closing down twelve microfinance companies in the Brong Ahafo Region but also revoking the operating licenses of severity other companies across the country for failing to acquire a licence. The Paper says it is on the Bank Of Ghana to help affected groups and people to retrieve their savings. The Graphic urges the Bank of Ghana to protect the public from such scams by being more vigilant in its supervision over such companies and put in place measures to ensure that deposits locked up are always retrieved.


The Ghanaian Times says it is unfortunate that most people have lost property including vehicles after being lured into loan schemes that promised 'heavens' in terms of affordable and low interest rates only to end up being charged exorbitant interest rates. The Paper urges the Bank of Ghana and the law enforcement agencies to collaborate to ensure that the affected companies pay their customers while ensuring that they cease operations. 

GBC