The chief executive officer of Consumer Protection Agency, Kofi Kapito is urging aggrieved customers of DKM Microfinance Company to sue the Bank of Ghana. Speaking to Onua Business News, he explained that the central bank shirked its responsibilities of playing a supervisory and regulatory role, which he said has resulted in a crisis.
He faulted the Bank of Ghana for not ensuring that the company was operating within the confines of the license it was given. The regulator’s inability to properly supervise these companies resulted in the loss of customers deposits when the company went bankrupt, he said.
Kofi Kapito is also of the view that the customers should have exercised due diligence before doing business with the micro finance institution.
The Ghanaian media is also to blame as it failed to investigate and educate the public when DKM was offering unrealistic interests to depositors. Media houses, he said, encouraged the public to do business with DKM by ways of advertisement.
The Consumer Protection Agency-CPA has stated in a press release that they are in support of the introduction of imported cement on the Ghanaian market.
This has given the Ghanaian consumer the opportunity to make a choice, whilst the competition has brought down prices. Research conducted by CPA indicates that the price of cement shot up by about 200% in the past 10 years.
The research further points to the fact that the high cost of residential and commercial properties in the country is due to the monopoly enjoyed by local cement manufacturers.
The CPA says it will not hesitate to engage the public to boycott any company that seeks to stop government from issuing permits for the importation of cement into the country.
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