The disgruntled clients of the Gold Coast Fund Management Kumasi Branch expressed dismay at the Vice President’s indifference to their pleas for the recovery of their lost funds.
The Vice President Dr Mahamudu Bawumia in his earlier statement said the decision to pay each customer of the failed fund management companies an amount of GHS50,000 was on compassionate grounds.
The Securities and Exchange Commission (SEC), acting within its mandate of protecting investors and the integrity of the market announced on Wednesday November 18 the outcome of its deliberations with government regarding an agreed social and humanitarian intervention for all remaining customers of the failed Fund Management Companies.
“The decision to make this partial payment is predicated on Government’s commitment to protect its citizenry and its sensitivity to the plight of affected clients compounded by the disruptive impact of the Covid-19 pandemic.
“Furthermore, this intervention has become necessary at this stage because liquidation petitions for the remaining affected Fund Management Companies are currently at different stages. In addition, some affected Fund Management Companies like Gold Coast Fund Management Limited (now Black shield Fund Management Company Limited) are contesting the liquidation petition and as a result, have filed a Stay of Proceedings until its application for judicial review of the decision of the Administrative Hearings Committee has been heard.
Reacting to this, customers in a press statement dated Monday, April 8, 2024, voiced their concerns about the loss of some customers and the ensuing financial burden for their medical expenses and other household necessities. They urged the Vice President to fulfill his promise as the economic saviour.
“My heart aches with every passing day. Six years. Six years of staring at empty plates, wondering how to pay for the medications my loved ones desperately need.
Dr. Bawumia, they call you an economic hero. But what kind of hero ignores the cries of his own people? We trusted the system, invested our hard-earned money for a secure future, but here we are, only to be cast aside like a dead news of yesterday.
Where is the compassion? Where is the outrage at the stolen years, the stolen lives?”
The group also opposes the establishment of public toilets and the implementation of digitalization, arguing that these measures do not bring back their lost loved ones or alleviate their hunger.
“They dangle public toilets in front of us like some kind of charity. Is that supposed to erase the hunger pangs in our bellies? You preach about digitalization, but can those ones and the public toilet buy back the lives we could have saved but for lack accessing the very Cedis lost to the Financial Clean-up Policy, the educations we couldn’t afford?”
Bellow is the full statement
Press Statement Kumasi Gold Coast Customer new