Farmers Demand Refunds from Microfinance Company After Alleged Loan Scam
Over 400 farmers from the Twifo Atti-morkwa district, Wassa East district, and Twifo Hemang Lower Denkyira district in the Central and Western regions of Ghana are demanding their deposits from Traders Opportunity Company Ltd, a microfinance company that promised loans at highly reduced rates.
According to the aggrieved farmers, the company’s manager, Mr. Samuel Mensah, and his team visited their communities to inform them about the loans.
To access the loan, farmers were required to make a deposit starting from GHS 200.
Mr. Mensah allegedly explained to them that for every GHS 200 deposit, they would receive GHS 1,000 after just one month.
Motivated by the offer, the farmers deposited huge sums ranging from GHS 1,000 to GHS 5,000 to support their farming activities.
However, three months later, none of the farmers has received any money from Traders Opportunity Company Ltd.
The farmers have gathered at the Twifo Atti-morkwa district police command in Twifo Praso to demand their deposits back.
The situation has led to the arrest of Mr. Mensah by the police following the farmers’ complaints.
The incident highlights the challenges facing small-scale farmers in Ghana who struggle to access finance to support their activities. The farmers are now calling on the government to intervene and prevent similar situations from occurring in the future.
