Mahama Ayariga Petitions Parliament To Look Into Delay In Releasing Funds For Defunct Gold Coast Fund Management Customers
Recently, the Member of Parliament for Bawku Central, Mahama Ayariga, presented a petition to Parliament, addressing the prolonged delay by the Ghanaian government in releasing funds to an estimated 61,000 customers of Blackshield Capital Limited, formerly known as Gold Coast Fund Management (GCFM). The petition was on behalf of members of the "Aggrieved Customers of Defunct Gold Coast Fund Management" organization, including Charles Nyame (convenor), Bernard Agyekum, Nathaniel Mensah, David Opoku, and Rosemond Mensah Grunitzky.
The petition called upon Parliament to investigate the reasons for the government's failure to disburse funds to the customers of the defunct Gold Coast Fund Management. Additionally, it urged Parliament to compel the government to fulfill its commitment to pay the customers their investments, as was initially approved in the budget.
Gold Coast Fund Management, a formerly regulated fund management company overseen by the Securities and Exchange Commission of Ghana, encountered financial difficulties following the government's initiation of a financial sector clean-up in 2018. Subsequently, many investors, including the petitioners, found their investments locked up in the defunct Gold Coast Fund Management. After the financial sector clean-up, they successfully submitted and validated their claims through Price Waterhouse and Coopers (PWC).
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Concerning the government's financial obligation, the Securities and Exchange Commission (SEC) had allocated GH¢8 billion for the total payment of claims for customers of all 47 defunct fund management companies, as sanctioned by Parliament. Notably, the Minister of Finance and Economic Planning publicly disclosed that the clean-up exercise had been completed, with GH¢25 billion expended, including GH¢8.6 billion set aside for the claims of investors in the defunct fund management companies, which encompassed Gold Coast Fund Management.
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Mr Ayariga emphasized in the petition that individuals in the petitioners' association with investments surpassing GH¢50,000 had not received the full amount, as the government only disbursed up to GH¢50,000 to investors owed in 2020. Consequently, many members of the association, particularly those who invested their retirement benefits, are facing severe financial hardship, with allegations of some individuals dying due to the lack of funds for critical medical care.
In response to the protracted delays in receiving their investments, aggrieved customers of Gold Coast Fund Management have announced plans to stage a protest at the Ministry of Finance on November 28, 2023. Their objective is to bring attention to their predicament and urge expedited action to address the protracted issues surrounding the release of their funds.
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