Microfinance companies which have recently run into collision course with their customers over the reimbursement of funds face prosecution by the state.

“Those who have cheated the people will pay for what they have done,” President John Dramani Mahama decreed on Tuesday, January 12, when he met journalists at the Flagstaff House.

The microfinance companies notably DKM Diamond Microfinance and God is Love Fun Cub have found it difficult to pay customers after promising whopping interests.

The Bank of Ghana has, therefore, closed down these microfinance institutions and many others, most of which operate in the north of the country.

Dissociating his family from the owner of DKM, contrary to reports, President Mahama said a forum has been scheduled for Wednesday, January 13 to address the issues.

But he said: “We are going to prosecute them for fraud”.