President John Mahama has hit hard at the Central Bank for sleeping on the job while some microfinance companies milk unsuspecting customers of their “life earnings.”

The Managing Director of DKM microfinance Dr. Martin Delle and three others are standing trial for fraudulent breach of trust. Delle is on a GHC80 million bail while the others, including the Chief Executive Officer of God Is Love Fan Club; Nortey Noel and managing director of Jastar Motors Charles Asum had their bond set at GHC50 million and GHC20 million respectively.

Customers of the financial institutions are aggrieved because the accused persons convinced them of a 50 per cent interest offer on investments in three months. Based on the information, a number of people were said to have deposited various sums of money in the suspects’ companies.

However, on the maturity dates, the clients found the offices of the suspects locked when they went to collect their money.

Speaking during his State of the Nation address in Parliament Thursday, Mahama said “lack of effective supervision on the part of the Central Bank” resulted in the scam.

While commiserating with the numerous customers who were fleeced, the president tasked the Bank of Ghana to intensify its “liquidation proceedings against DKM” in particular, to “reimburse legitimate customers of their original deposit amount.

He added: “Government has a concern for the poor unsuspecting clients.”

Mahama has therefore called on Parliament to “fast track the Ghana Deposit Protection bill which will protect the small depositors in funds like this.”