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24.10.2005 Business & Finance

Clients of IDO appeal for the release of their monies

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Takoradi, Oct.24, GNA - The ban on operations of a non-banking financial institution, Individual Development Organisation (IDO) has thrown the fate of some vocations and Small Scale Businesses within Sekondi-Takoradi Metropolis into balance.

Most of the students at the Takoradi Polytechnic who contributed to the organisation would soon end their education abruptly. About 300 clients of the IDO made up of artisans, entrepreneurs and students from the Takoradi branch expressed their sentiments to the Ghana News Agency at Takoradi on Monday.

They claimed that clients including Junior Secondary School (JSS) and Senior Secondary School (SSS) leavers who depended on their contributions to the IDO to fend for themselves and pursue their education have their hopes dashed because their contributions had been locked up following the ban.

Miss Karim Hayon Adisatu, a student and Mr. Al-Amin Dauda who recently set up a fitting shop, Spokespersons for the clients appealed to the Bank of Ghana (BOG) and the Attorney General to take the necessary steps to ensure their monies were released to them.

They said clients in the Takoradi had contributed more than 600 million cedis to the Organisation.

Miss Adisatu and Mr. Dauda said the ban resulted in their contributions being locked up and causing untold hardships particularly for breadwinners of their families.

They said some of them decided to invest their seed capital in the IDO to expand their business and improve on their standard of living. In June this year, the BOG froze accounts of the IDO and banned it from operating. 24 Oct.05

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