June 24, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

Aggrieved customers of Gold Coast Fund Management picket overnight at Finance Ministry

Aggrieved customers of the collapsed Gold Coast Fund Management Company spent Tuesday night at the Ministry of Finance. They insist they will not return to their homes until their locked-up funds are released to them. 

According to the group, the Securities and Exchange Commission (SEC), has not paid its members whose funds were locked up after picketing at the premises of the SEC for three days in May 2023.

The failure they say is what has compelled them to embark on the latest action.  

Speaking to Joy Business last week, the Convener of the group, Charles Nyame said all efforts to get their locked-up funds from the defunct Gold Coast Fund Management Company have proved futile.

He disclosed that the defunct company, which operated under the registered name, Black Shield Capital Limited had over 55,000 customers whose funds were locked up before the regulator revoked its license.

Mr Nyame added that an amount of GH¢8.6 billion which was approved by Parliament to settle its members, has not yet been given to them, hence the protest.

In February 2023, some of the customers threatened to sue the government over their locked-up funds.

According to the group, it has been four years since their investments got locked up at the company, which was regulated by the Securities and Exchange Commission.

“The lock-up of our investments was mainly due to the Government’s policy of a Financial Sector Clean-up Exercise in Ghana initiated in 2018,” the Group said in a statement.

They lamented that even though affected customers were assured of receiving their funds, none of them had been called to come for their monies.

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