NPP Will Refund Monies of DKM Customers – Obiri Boahen

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Mr Obiri Boahen assured Ghanaians that the NPP will refund monies of DKM cutomers if they are voted into power in the December polls.

Deputy General Secretary of the New Patriotic Party (NPP), Mr Nana Obiri Boahen has promised Ghanaians that the NPP will refund monies being owed by the liquidated DKM Diamond Micro-Finance Bank in Ghana.

Mr Boahen gave this assurance while addressing the masses during the campaign launch of the NPP Parliamentary Candidate of Sunyani East, Mr Kyeremeh Cheremeh.

NPP will refund monies of DKM Customers
Nana Obiri Boahen says NPP will refund monies of DKM customers

Speaking at the campaign launch, Obiri Boahen told Ghanaians that the ball is in their court as regards the refund of the monies of DKM creditors. According to him, if the people want to have their monies refunded, they should vote the NPP into power, but should do otherwise if they want the opposite.

Also Read: Bank of Ghana Faces Probe Over Spending GhC2 Million on Gold Watches

The DKM Headache

DKM is a Ghanaian Micro-finance bank having its headquarters in Sunyani, the capital of Brong-Afafo region; with other branch offices located in Wenchi, Techiman, Nkoranza, Berekum, Wa, and Bolgatanga. The Bank of Ghana in 2015, ordered the investigation and audit of the bank’s assets by the Financial Intelligent Centre (FIC).



Findings revealed that the company collected ₵115.2 million from customers but had only ₵10.8 million in its accounts at the time of investigations. It was also discovered that DKM diverted an amount of GH77.2 million of its customers’ deposits to run its subsidiary companies some of which includes DKM Airline Company, DKM Fuel Station, DKM Transport, DKM Shea Butter Company and DKM Mining Company.

Following these findings, the BoG gave the micro-finance bank a month to raise GH₡50 million in addition to the GH₡10.8 million the firm’s vault, so it could be cleared to resume operations and pay its investors their due principals and accrued interests. But DKM was unable to do so. The Bank of Ghana therefore revoked the company’s licence to operate and as well ordered its liquidation over allegations of violation of micro-finance regulations and money laundering.

Close down of DKM by the BoG saw the accounts of thousands of Ghanaians frozen, with millions of fortunes trapped. The incident has been described as one of the biggest micro-finance disaster in the history of the industry. Since after the ugly development, it has been protests upon protests from the DKM creditors in the bid to have their monies back.

Reports have revealed that the incident has drastically affected economic activities since it affected the fortunes of numerous residents of the area. Several measures have been taken by the government to see how the situation could be managed to avoid further damages. According to reports, liquidation of the company’s assets and subsequent payment of her customers has commenced since the beginning of October.

Also See: Mahama Clamps Down On Illegal Charges Hunting Investors  

Meanwhile, several cases of suicide, death and illness of DKM customers resulting from the shock of their losses have been recorded. The latest in the news is that of Mr Bra Kwasi, owner of Micky Enterprise in Berekum in the Brong Ahafo Region, who died of shock after receiving GhC3,500 instead of the GhC600,000 he invested in the bank. Some other customers received GhC10 in place of whatever amount they deposited.

Now that the NPP is promising Ghanaians of refunding all the monies of the DKM creditors, one may begin to wonder if it is a feasible promise or just one of those propaganda to help them get the peoples’ votes.