The Bank of Ghana has been petitioned by the Locked-up Investment Holders Forum (LIHF) in response to what it claims is the regulator’s silence on the locked up funds in finance houses and savings and loans companies.
Customers whose money was locked up in these financial organizations governed by the central bank included individuals, churches, credit unions, associations, pension funds, trust funds, provident funds, and insurance companies, according to a release issued by the convener, Dr. Adu Anane Antwi.
In 2017, when customers of several banks and microfinance organizations had such difficulties, the BoG intervened to settle the savings and investments of the affected customers, according to the release.
“We believe that we are entitled to, and should be given the same treatment. We are therefore worried and disappointed that the BoG has created a situation reminiscent of regulatory inertia and has neglected its regulatory responsibilities owed to investors in these affected finance houses and savings and loans companies, allowing us to suffer undue financial hardships.
“Respectfully, we consider BoG’s silence regarding our situation to be extremely inappropriate and intolerable. The silence does not help the nation’s culture of saving and investing, aside from the personal struggles and pains it has given us, despite the fact that we have planned our life to prevent such challenges and pains, the release noted.
The announcement also urged the central bank to act right now to secure the investments that were locked up.
“We want to make it clear that we will take all legal action to make sure that BoG works to protect us and return our “locked-up” capital, in accordance with its obligation under law to protect investors, a core goal of financial market regulation.
“Respectfully Sir, we wish to advise that, if we do not receive a positive response from you towards the resolution of our complaint, we shall explore other means of getting a resolution to our complaint,” the release stated with a warning.