‘Don’t save Church Collections with phony Microfinance Companies’ -Mahama

President John Dramani Mahama has warned religious leaders against saving church collections with  fictitious microfinance companies disclosing that they have themselves to blame in event they are robbed of their cash by these companies.

He wondered why a number of pastors and educated persons who should have known better, have become victims of some of these microfinance companies in the Brong Ahafo Region in particular, disclosing that they have themselves to blame for their current predicament.

According to him, most victims were lured into the companies as a result of the mouth-watering interests rates offered indicating that they should have taken cues from previous companies that ended up duping their clients.

Addressing the media at the Flagstaff House, President Mahama observed that the offers by most of these companies were too good to be true, yet some educated individuals were convinced and immediately jumped onto them to put their investments.

“In this country, we should remember PIRAM, R5 in which lots of people lost their money. If anybody comes promising you that he will give you 55% profit of your investments, you just have to know that he is fooling you because it is all about robbing Peter to Pay Paul”, he disclosed.

He disclosed that most of these companies extract part of the money they take from unsuspecting clients to acquire properties and other things and register them in the names of friends and relatives instead of the company they own.

President Mahama however hinted there are plans in the offing to auction the property of the arrested owners of these companies to offset the amount owed but said cannot promise the interest on the investments of the clients as agreed.

In the light of this, he charged officials of Bank of Ghana (BoG) to step up supervision on microfinance companies to ensure there is not a recurrence.