Despite the budget’s funding allocation, Speaker of the House of Parliament Alban Bagbin has formed a special committee to look into the non-payment of former Gold Coast Fund clients.
This action is in response to a petition that certain former fund clients filed with the House, which was introduced by Bawku Central MP Mahama Ayariga.
The customers are requesting an investigation in their petition to find out why the government hasn’t released their funds that have been frozen.
They are also pleading with authorities to make sure the government pays them back for their investments.
During the petition’s presentation, the former Information Minister voiced concern about the negative consequences of the delay for the impacted customers and urged the House to act quickly as their representatives.
“I wish to present a petition by customers of defunct Gold Coast Fund Management. Mr Speaker, pursuant to Order 76 (3), I move that the petition be read and I also move that by Order 76(3) that the petition be referred to a committee pursuant to Order 191 of our Standing Orders which deals with the constitution of special or ad-hoc committees to look into matters referred to it by Mr Speaker.”
After that, the Speaker proposed the committee members and urged them to get to work right away.
“I, therefore, establish a committee to receive the petition to investigate and report to the house. I will propose that the Committee chaired by Joe Ghartey and the other members include Nii Lante Vanderpuje, Benjamin Yeboah Sekyere, Gizella Tettteh-Agbotui, Kwasi Ameyaw Cheremeh and two technical experts. They are Dr Theophilus Acheampong and Anthony Kisseh.”
On November 28, 2023, Gold Coast Fund Management’s disgruntled clients staged a protest at Accra’s Finance Ministry.
The demonstrators claim that they are requesting the release of their money from the now-defunct Black Shield Fund Management.
The government’s decision to revoke the company’s license has locked up the investments of over 55,000 clients.
“President Nana Akufo-Addo stated on the floor of Parliament that he has released their monies to Finance Minister Ken Ofori-Atta and Rev. Ogbamey Tetteh to pay their locked-up monies but they haven’t received them,” said one of the group’s members.
“A delegation from the Finance Ministry told us they will call us when we came here to picket two weeks ago, but we never heard from them,” he continued. We (customers) arrived today fully equipped to sleep here till we receive our money. We brought clothes, toothpaste, toothbrushes, mats, medications, food, sponges, towels, and everything we would need for the duration of our stay because we aren’t leaving.
“What I will eat with my children and grandchildren this Christmas is a problem for me,” bemoaned a different consumer.