February 25, 2015

Lack of effective supervision by the Central Bank of Ghana led to the very famous DKM case where hundreds of customers of a microfinance institution have had their savings go waste, Ghana’s president John Mahama has said.

In a State of the Nation Address in Parliament on Thursday, President Mahama said the Bank of Ghana has to be blamed for the rather callous manner in which many households have had their livelihood tampered with.

The supervision he added if it had been provided, would have avoided what is now a sad story that has led to many arrests.

Mahama told a packed Parliament in Ghana’s capital, Accra, that a lot of work is going on behind the scenes to ensure that the investors get their funds back.

The President gave his last State of the Nation address ahead of elections in November.

Thursday’s address was partly retrospective and progressive as he gave account of his stewardship in the last few years of his term in office as well as revisit some of the major challenges he’s confronted, and the gains made in the process.

While the minority members of Parliament heckled him all throughout, he had loud cheers from his government’s representatives.