19
Feb
Oppong Nkrumah Explains Why His Microfinance Firm Collapsed The Information Minister-nominee, Kojo Oppong Nkrumah, has clarified the circumstances that led to the collapse of a microfinance institution he had majority shares in. The microfinance company, Oval Microfinance Limited, was among 347 insolvent microfinance companies whose licenses were revoked during the banking clean-up in President Akufo-Addo’s first term. Mr. Oppong Nkrumah was Managing Director of West Brownstone Capital which was the largest shareholder of Oval Microfinance Limited. During his vetting, he recounted that between 2017 and 2019, the directors and management of Oval Microfinance “reported difficulties and requested recapitalisation.” “I was not…