A 34-year-old man has been sentenced to eight years in prison by an Accra Circuit Court for forging a Bank of Ghana (BoG) license to operate a microfinance company in Suhum, Eastern region, and nearby areas.

The man, known as Kofi Asante or Davis, admitted guilt to engaging in deposit-taking without a license, leading to a four-year prison term. He also pleaded guilty to forgery of an official document, resulting in an additional eight-year prison sentence.

The court, presided over by Joojo Amoah Hagan, ordered that the sentences should be served concurrently. The prosecution, led by Assistant Superintendent of Police (ASP) Emmanuel Haligah, explained that the police received information that the now-convicted individual had set up microfinance business centers under the names KM Community Bank and Prym Capital in the Suhum area and its surroundings.

It said the convict, after establishing the business, went ahead to collect deposits from people without license.

The prosecution said intelligence indicated that the KM Community Bank had branches in Anum Apapam, Akorabo, and Amanase, while Prym Capital had its headquarters in Suhum.

The prosecution said on June 30, 2023, Asante was arrested for investigations and when his offices were searched, copies of documents purported to be issued by the Bank of Ghana in the name of KM Community Bank were found and retrieved for investigations.

It said investigations revealed that Asante had forged the Bank of Ghana License between April and January 2023 and had about 24 youths working as representatives within Suhum and its environs.

During this timeframe, Asante managed to persuade approximately 950 individuals to deposit a daily total of GHc56,000 into his business.

According to the prosecution, during questioning, Asante acknowledged that both KM Community Bank and PRYM Capital were not registered with the Office of the Registrar of Companies nor licensed by the Bank of Ghana to engage in deposit-taking activities.

Asante admitted to forging the Bank of Ghana license, which was found in his office.