Government of Ghana Restores Losses to Customers of Failed Microfinance Institutions (MFIs), but $150m of Savings Remain “in Jeopardy” in Advance of Deposit-insurance Rollout

30 January, 2019

Original Source: Micro Capital

After the collapse of approximately 100 licensed microbanks in Ghana over four years, the country’s central bank, the Bank of Ghana, has announced it will refund deposits of up to GHS 10,000 (USD 2,000) per retail customer affected. Estimates of the total losses exceed GHS 1 billion (USD 200 million), including GHS 522 million (USD 105 million) in claims resulting from the collapse of DKM Diamond Microfinance in 2015. As of December 2018, the government has repaid 80 percent of the DKM Diamond deposits. The total number of customers impacted by all of the failures is in the tens of thousands.

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