Victims of microfinance scams demonstrate in Ho

Some residents of  Volta region who invested heavily with some microfinance institutions in the area have taken to the streets in Ho to demand a refund of their investment after the companies disappeared.

The schemes, which gain prominence between 2014 and 2015, and operated by groups such as ‘Little drop’ investment club, ‘Prosperity and Good Health’ club and ‘Clear Image Investment’ among others, promised clients huge returns on their investments.

For instance, persons who invested at least GHC380 and GHC450 with Little drop and Prosperity clubs respectively, were promised returns of GHC6000 and GHC5000 between an average of five months.

Though some early investors gained their promised returns, several hundreds of them still have their investments locked with the groups, whose offices have been closed after the Bank of Ghana issued a statement declaring the operations of such groups illegal.

According to the leader of the disgruntled clients, Maxwell Donku, several efforts to trace the whereabouts of the entities or their directors have been unsuccessful.

They are therefore calling on government to assist them recover their investments since the entities were dully registered.



By: Ghana/Ultimatefmonline.com/Lambert Atsivor