The Aggrieved Gold Coast Fund Customers have expressed cautious optimism following the announcement of a GH¢1.5 billion bailout package for affected investors of failed fund management companies whose licenses were revoked in November 2019.
While welcoming the release of the funds, the group has highlighted lingering dissatisfaction due to the lengthy delay and depreciation of their investments over the past six years.
Charles Nyame, the Convenor of the Aggrieved Gold Coast Fund Customers, shared the group’s reaction in an interview on Eyewitness News with Umaru Sanda Amadu on Citi FM. “We are not entirely happy because it has been over six years now and our monies have depreciated, and we would have wanted it to be paid in full,” Nyame stated, emphasizing the frustration among members who have endured significant financial hardship during this period.
The Securities and Exchange Commission (SEC) announced the release of the GH¢1.5 billion, clarifying that the disbursement will occur in three tranches, with the final tranche expected to be paid in December 2024. This phased release, while offering some relief, has also sparked concerns about the adequacy and timeliness of the payout.
Nyame acknowledged the government’s efforts, noting, “The money is accepted in good faith for the sake of the suffering members who need money to take care of themselves.” He emphasized that the decision to accept the package, despite it not meeting their expectations, was made in the best interest of the group’s members, some of whom are in urgent need of financial support due to critical health conditions and other pressing needs.
He continued, “We still have some of our members in critical condition who need money to take care of themselves, and so it would have been a disservice to our members on the part of the leadership to have said no to this payment because it is not in full. But for the sake and the lives of these suffering members of our group, we accept the GH¢1.5 billion in good faith.”
Despite accepting the bailout, the group is still pressing the government to expedite the release of the remaining outstanding GH¢3.5 billion, which they say is necessary to make a full payment and bring closure to the matter. Nyame made a plea to the government, saying, “We plead with the government that it has been over six years, and we want the government to expedite action to make sure that they release the remaining outstanding GH¢3.5 billion that could top up to make full payment so that we can put this matter to rest.”
Addressing concerns among the fund’s members, Nyame urged them to remain calm and not be confused by the payment plan. He assured them that “no one is going to receive payment less than GH¢50,000, and every investor will receive not less than GH¢50,000, but you can receive more than GH¢50,000 with this payment plan.” This reassurance was meant to provide clarity and alleviate anxiety among members who were unsure about the exact amounts they would receive under the current arrangement.
The announcement of the bailout package and the group’s response underscore the broader impact of the 2019 revocation of licenses for several fund management companies in Ghana, a move that left thousands of investors in financial distress. For over six years, affected investors have lobbied the government for a resolution, citing severe economic hardship and deteriorating living conditions.
Many of the affected investors, including retirees and small business owners, have seen their savings significantly erode due to the prolonged wait for compensation. The depreciation of their funds, coupled with rising costs of living, has only heightened their desperation. The announcement of the GH¢1.5 billion package, although not the full amount expected, marks a critical step toward addressing their grievances.
However, the phased release of the funds has left some investors skeptical about the government’s commitment to resolving the issue entirely. With the final tranche not expected until December 2024, many fear that further delays could exacerbate their financial difficulties. The group’s leadership has been vocal about the need for a more timely and comprehensive payout to prevent further suffering among its members.
The Aggrieved Gold Coast Fund Customers have been at the forefront of advocacy efforts, organizing protests, press conferences, and meetings with government officials to demand accountability and justice for their members. Their persistence appears to have paid off, at least partially, with the release of the bailout package. However, the group maintains that the journey is far from over until full payment is made.
Nyame and other leaders have vowed to continue engaging with the government and relevant authorities to ensure that the remaining funds are disbursed without further delay. They are calling for transparency in the disbursement process and a clear timeline for the release of the outstanding GH¢3.5 billion.
The group’s plea to its members to remain calm and patient underscores the delicate balance they must maintain between advocacy and cooperation with the government. While they welcome the bailout package as a positive development, they are also mindful of the need to keep up the pressure to achieve a complete resolution.
In conclusion, while the GH¢1.5 billion bailout package represents a significant milestone in the ongoing efforts to compensate affected investors, the Aggrieved Gold Coast Fund Customers continue to call for the full settlement of all outstanding claims.
They hope that this development will pave the way for a swift and fair resolution to their longstanding grievances, bringing much-needed relief to thousands of Ghanaians who have been waiting for justice for more than six years. The coming months will be crucial in determining whether the government’s actions will meet the expectations and needs of these aggrieved citizens.
