An Accra Circuit Court has convicted a 34-year-old man to eight years in prison for forging a Bank of Ghana (BoG) license to run a microfinance enterprise at Suhum in the Eastern region and its surroundings.
Kofi Asante, also known as Davis, was given a four-year prison term after entering a guilty plea to the charge of deposit-taking without a license.
Asante entered a guilty plea to the allegation of falsifying an official document and received an eight-year jail term.
The court, presided over by Joojo Amoah Hagan, ruled that the penalties would be carried out simultaneously. According to the prosecution, which is being headed by Assistant Superintendent of Police (ASP) Emmanuel Haligah, the police had information that the defendant, who is now convicted, had set up microfinance business centers under the KM name in the Community Bank and Prym Capital within the Suhum and its environs.
It said that after starting the firm, the felon continued to take deposits from clients without a license.
According to the prosecution, intelligence showed that Prym Capital’s headquarters were in Suhum, while the KM Community Bank had locations in Anum Apapam, Akorabo, and Amanase.
The prosecution said that on June 30, 2023, Asante was detained for questioning and that during the search of his offices, copies of papers purporting to be issued in the name of KM Community Bank by the Bank of Ghana were discovered and taken for examination.
Investigations, according to the report, showed that Asante had around 24 adolescents working as representatives in Suhum and the surrounding area between April and January 2023, when the Bank of Ghana License was falsified.
According to the report, Asante persuaded roughly 950 people to make daily deposits of GH56,000 with his company during that time.
According to the prosecution, Asante confessed under questioning that KM Community Bank and PRYM Capital were neither regulated by the Bank of Ghana to conduct deposit-taking operations nor registered by the Office of the Registrar of Companies.