Direct Minister of Finance to pay us our blocked funds – GCFM Demand Coalition

Gold Coast Fund Management is now gone

• Clients of the defunct Gold Coast Fund Management demand payment of their blocked funds

• The group gave the government a one-month ultimatum

• They also asked the vice-president to order the Minister of Finance to advance the payments due to them.

The Coalition of aggrieved clients of the defunct Gold Coast Fund Management (GCFM) is once again demanding that the government pay them their stranded funds.

The group, during a press briefing held to express their displeasure, has since given the government a month-long ultimatum to respond to their appeals, as they have not received payment for about three years now.

Coalition spokesman Charles Nyame made a passionate appeal to the government to urgently order the finance minister to start making advances to clients of the now defunct Gold Coast Fund Management.

“We wish to call on the Vice President, His Excellency Dr Mahamudu Bawumia, who is also the head of the economic management team and a potential presidential contender of the New Patriotic Party for the presidential elections of 2024, to give urgent guidance to the Minister of Finance to advance payment to clients on the basis of the GHS 5.5 billion allocation provided for in the 2021 budget, if he really wants to deal with the poor Ghanaian retirees who die daily due to the crisis that we are going through ”, he declared.

Read their full statement below:


Dear distinguished members of the media, executives and members of the GCFM aggrieved customers coalition, ladies and gentlemen.

It has been over three (3) years now since our funds have been blocked with GCFM, a government regulated institution under the asset management industry regulated by the Securities & Exchange Commission (SEC). The freezing of our funds was mainly due to the government’s financial sector consolidation policy in Ghana initiated in 2018.

It is unfortunate, however, that we ordinary citizens are now forced to carry the weight of a government decision over the past three years in such a despicable manner. You can imagine how we have survived all these years, especially the retirees and the sick among us. Retirees, the only ones among us to have tied up our investment to date, represent more than 70% of our members. Here are the reasons why we believe the government has been unfair and unfair in handling this crisis:

• A bailout, as we all know, is separate from a court-requested liquidation order, so we want to call on the government to proceed with the commitment of the budget allocation of 5.5 billion in the budget. 2021 for the payment of fund management clients to pay us our money and stop hiding behind a so-called challenge in obtaining a liquidation order from the courts as an excuse.

It’s hard to understand how the government and SEC boss Reverend Ogbamey Tetteh will mistake a bailout for a liquidation order. There is certainly no connection between the two except for unjustifiable reasons. Ladies and gentlemen of the media, as we all know, GN Savings and Loans & UniCredit were and still are in court to challenge the revocation of their license, but the clients of these institutions were paid in full by the receiver using of the government. safety plan. Why then are we denied the opportunity to receive our payment in full even if the

The government allocated a $ 5.5 billion bailout for this purpose in the 2021 budget, which was subsequently approved by the Ghanaian parliament. We are therefore not in a position to understand why Reverend Ogbamey Tetteh, at his last press conference held in April 2021, should tell the Ghanaian public that he is ready to give us all our funds except for the ‘winding-up order that he requests from the court.

This claim by the good reverend is very misleading and a calculated ploy to deprive clients of their funds. So we want to call on Reverend Ogbamey Tetteh to step down or be sacked by the President because he did not work in the best interests of ordinary customers by offering bad advice to the executive on our issue.

• However, it will be of interest to all of you to know that this so-called court case, which the government and the SEC have said they want to know before they make payment to us, has been called three different times in commercial court this year. only, but the Attorney General’s Department and the SEC did not appear in court for reasons they are more familiar with.

The question we are asking, then, is that if the government claims that it is indeed interested in this legal case which will allow it to pay us our funds, then why does the legal representative of the government not appear in court every day? once the case is called. This is a clear indication that the SEC and the government are unwilling to help alleviate the suffering of the poor Ghanaian retiree.

We view the position of the SEC and the government as a simple cover-up attempt to deprive us of our funds. We wish to call on the Vice-President, His Excellency Dr. Mahamudu Bawumia who is also the head of the economic management team and a potential presidential aspirant of the New Patriotic Party for the presidential elections of 2024 to urgently give directives to the Le Minister of Finance will advance payment to customers on the basis of the allocation of 5.5 billion made in the 2021 budget, if he understands the poor Ghanaian retirees who are dying daily because of the crisis we are going through .

Ladies and gentlemen, we are sorry to inform you that over forty-nine (49) of our retired members have passed away between January 2021 to date and it continues to count. Those

We also wish to use this medium to call upon the Parliament of Ghana to table an urgent matter to invite Reverend Ogbamey Tetteh and Minister of Finance Ken Ofori Atta regarding these matters as we articulated in the narrations above as we We petitioned them about these same issues before they happened.

We also call on well-meaning Ghanaians such as the Christian Council, the Conference of Catholic Bishops, the Chief Imam, the Pentecostal and Charismatic Council, the Asantehene and all CSOs in the country to intervene in the situation of distress in which we we are faced with our stranded funds. Since any further delay in the payment of our blocked funds will result in more loss of life among our members.

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