It has been exactly two years since Vice President Dr. Mahamudu Bawumia said that the One District One Factory plan of the government was succeeding.
He pointed out that only 28 of the 76 factories covered under 1D1F were actually in use, while the other 48 were already-existing businesses that were receiving government assistance.
The Vice President of Ghana, Dr Mahamudu Bawumia has stated that the I District I Factory (ID1F) policy is really doing well as far as the NPP government is concerned.
Taking to micro-blogging site, Twitter to share his grievances, Bright Simons asserted that regulators of financial institutions in the country were being inactive to chase out these illegal businesses.
“I thought the Ghanaian regulators would take cue but as with the ponzi schemes, they’re dormant. So the likes of Sokoloan have set shop in Ghana & milking new victims. One fintech called Truecedi claims to be owned by Jain Finscap. It is not even registered as a company in Gh,” Bright Simons’ tweet read.
Beware of loan providers operating without licences – BoG to Ghanaians
Meanwhile, the central bank has urged Ghanaians to desist from doing business with loan providers operating without licences in the country.
The operations of these unlicensed banks, the central bank said, were in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank of Ghana added that these unlicensed entities mostly use mobile apps and social media for their activities.
In a press release copied to GhanaWeb, it said, “Bank of Ghana has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). These illegal entities mostly employ the use of mobile applications and social media in their activities.
“The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws,” it stated.