RULING
PWAMANG, JSC.
The facts giving rise to this application are as follows; DKM Diamond Micro Finance Ltd, hereafter referred to as “the Company”, was incorporated under the Companies Act, 1963 (Act 179) as a private Limited Liability Company on 1st August, 2013. It had its registered office at Sunyani in the Brong Ahafo Region and operated mainly in that Region and the three regions of Northern Ghana. It was licensed by the Bank of Ghana on 25th October, 2013 to operate as a Micro Finance Company. As part of its activities it took deposits from the general public and in turn contracted to pay rather astronomical monthly rates of interests to the depositors. By May of 2015 the Company ran into difficulties as it started defaulting in the timely payment of the extra ordinary monthly rates of interest it had promised its numerous customers.
Initially the Bank of Ghana intervened to ensure that the Company paid its depositors but that did not yield the needed results. Consequently some…