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Group threatens to sue government over GH¢5 billion locked up funds

Aggrieved Customers of the Gold Coast Fund Management, now Black Shield Capital Limited have said they are lacing their boots and will soon sue the government over its failure to pay over GH¢5 billion locked up funds belonging to over 55,000 of its members following the liquidation of some investment management entities by the Securities and Exchange Commission.

The aggrieved customers, most of whom are pensioners are not happy that the Finance Minister, Ken Ofori-Atta who claimed initially to have spent GH¢9 billion and subsequently GH¢25 billion in the financial sector clean-up till date have not been paid their portion of the bailout.

Even surprising to them is an approval of a whopping GH¢5.5 billion by the parliament of Ghana to ensure that all affected victims of the financial sector clean-up are covered yet, their members most of whom are pensioners have not received their monies as 304 of the pensioners have since the crisis died of starvation and ill-health.

Charles Nyame, Public Relations Officer of the group told the media yesterday that they will soon drag the government to court to ensure that their monies are paid to them.

He said it is surprising that the court case regarding the liquidation of the Gold Coast Fund Management is still dragging whereas their monies are not paid by the government, a process they believe could take over 10 years.

In court yesterday, the case over the liquidation was again adjourned to 10th February 2023 to enable the Gold Coast Fund Management to file some document being requested by the court, but the aggrieved customers are not happy about the court process.

This is their statement issued on Wednesday February 1, 2023; Aggrieved Customers of Gold Coast Fund Management Email:

Tel: 0247222613

1st February 2023.


We are a pressure group called; Aggrieved Customers of Gold Coast Fund Management with membership of over fifty-five thousand (55,000) unpaid customers of Black shield Capital Limited, hitherto known as; Gold Coast Fund Management (GCFM) owned by Dr. Papa Kwesi Nduom. It has been over four (4) years since our investments got locked-up with GCFM which is a government regulated institution under the Asset Management Sector regulated by Securities & Exchange Commission (SEC).

The lock up of our investments was mainly due to Government’s policy of a Financial Sector Clean-up Exercise in Ghana initiated in 2018.

Affected depositors of other Fund Management Companies have been bailed out long ago and it is most unfortunate that the government is discriminating against us.

This discriminatory act on the part of government is in contravention of the 1992 Constitution that requires the government to treat all its nationals equally without discrimination.

Government taking over the debt and validating customers claims with initial payment of Ghc50,000 per each investment makes the government liable to the customers on the grounds of absorption of responsibility.

Affected depositors would have taken action to retrieve their deposit since 2018 but for the government taking over the responsibility to pay us. It had been the case of Group Nduom that government owes them and the evidence available clearly confirms same.

There can be a set off in the absence of malice to give relief to us. It is however unfortunate that we the ordinary citizens are now made to bear the brunt of a government decision for the past four years in such a dastardly manner.

You can imagine how we have been surviving for all these years, especially, the pensioners and sick persons among us.

Pensioners among us who have their investment locked up till date, form more than 70% of our membership and it is incomprehensible that government would shield its responsibility with a condition of securing order from court before it pays these dying pensioners.

Following the brief background numerated in the previous paragraphs, we would like to humbly petition the media which is fourth estate of realm as follows; A parliamentary approved bailout package as we all know is distinct from a liquidation order being sought in the court.

Therefore, we plead the media to treat our plight with the sense of public interest and recommends to the government to proceed to commit the Ghc 5.5 billion budget allocation made in the 2021 budget for payment of Fund Management Customers to pay us.

The initial forensic audit conducted by government on the Financial Sector before the introduction of the Financial Clean-up Exercise policy puts the debt in the Financial Sector to Nine Billion Ghana CEDIS (GHS 9,000,000,000.00).

Now, document available from the Finance Ministry shows that amount of money committed to payment of victims of the clean-up to date sums up to Twenty-five Billon Ghana Cedis (GHS 25,000,000,000.00).

We respectfully plead the media to interrogate and request the Finance Minister to explain how he arrived at spending an amount of GHS 25,000,000,000.00 to settle a debt of GHS9,000,000,000.00 and yet, the Aggrieved Customers Of Gold Coast Fund Management have not received full payment of our investments.

Finally, we wish to assure the general public that, we are ready to go to court to seek redress of this matter.

SignedCharles Nyame (Convener and Spokesperson)

Tel. 0247222613

Cc: All Media Houses.

Source: / Muhammed Faisal Mustapha


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