Gold Coast Fund Management Customers Serve Notice To Protest If IMF Petition Fails

Over Twenty thousand unpaid customers of Gold Coast Fund Management under the umbrella name ‘Convenor for Coalition of Aggrieved Customers of Gold Coast Fund Management,’ convinced that they may not get their monies anytime soon, have petitioned International Monetary Fund (IMF), to direct Government of Ghana to fully restore the economic rights of victims of the financial sector reforms under President Akuffo Addo.

The convener of the group, Charles Nyame, speaking to Plan B Fm’s Ebaanosen hosted by Ohene Kinnah stated that, they humbly requested for the intervention of the IMF, even in this occasion as the Government of Ghana has opted for the IMF bailout, IMF should kindly bailout the Aggrieved Customers of Gold Coast Fund too.

“It is worthy to appreciate that issues of economic rights are issues of fundamental human rights-the rights to acquire and possess wealth through legal means. Ninety percent of our members are retirees who invested their pension in a Fund Management Company regulated by Securities and Exchange Commission of Ghana. For twenty – five years in its operations, Gold Coast Fund Management never defaulted in payment of customers investment, either on maturity or abrupt request by investors, until the introduction of the financial sector clean up exercise policy by President Akufo Addo led government,” He added.

According to him, a budgetary allocation of five point five billion Ghana cedis (GHS5,500 000 000.00) was earmarked and approved by Parliament in the year 2021 budget, although payment had not been affected from the allocation yet had been captured at the expenditure of 2022 budget.

He also said that as a result of delayed payment of investors locked up funds, over five hundred (500) of our members, mostly pensioners, have died as a result of not been able to access their investment for medical treatment.

“About five thousand and seventy- six (5076) businesses of some of our members, the petitioners disclosed, have totally collapsed, rendering over sixteen thousand (16000) workers jobless because business owners cannot access their investment to run their businesses, adding that “one thousand three hundred and twenty – five (1325) students have either deferred their University courses or delayed their entry into universities, all because investment made towards their education is locked up for over three years.”

Concluding he disclosed that If IMF doesn’t work they will embark on serious protest since that is the only language the Akuffo Addo led Government understands.