Mahama Ayariga, the Member of Parliament for Bawku Central, has submitted a petition to Parliament addressing the extended delay by the government in disbursing funds to approximately 61,000 customers of Blackshield Capital Limited, formerly known as Gold Coast Fund Management (GCFM).

Ayariga presented the petition on behalf of Charles Nyame (convenor), Bernard Agyekum, Nathaniel Mensah, David Opoku, and Rosemond Mensah Grunitzky, representing the “Aggrieved Customers of Defunct Gold Coast Fund Management” organization.

The petition calls on Parliament to investigate the reasons for the government’s prolonged failure to release funds to the customers of the defunct Gold Coast Fund Management. Additionally, it urges Parliament to compel the government to fulfill its commitment to pay the customers their investments, as previously approved in the budget.

Following a financial sector clean-up in 2018, Gold Coast Fund Management, once a registered and accredited fund management company regulated by the Securities and Exchange Commission of Ghana, encountered financial challenges.

The petitioners, holding approximately GH¢5 billion in funds, had their investments locked up in the defunct Gold Coast Fund Management. After the financial sector clean-up, they successfully submitted and validated their claims through Price Waterhouse and Coopers (PWC).

The Securities and Exchange Commission (SEC) allocated GH¢8 billion for the total payment of claims for customers of all 47 defunct fund management companies, as approved by Parliament. The Minister of Finance and Economic Planning publicly reported completing the clean-up exercise, having expended GH¢25 billion, which included GH¢8.6 billion earmarked for the claims of investors in the defunct fund management companies, including Gold Coast Fund Management.

However, the petition emphasizes that members of the association who invested amounts exceeding GH¢50,000 have not received the full payment, as the government only disbursed up to GH¢50,000 to investors in 2020. Many association members, particularly those who invested their retirement benefits, are facing financial hardships, with some allegedly succumbing to death due to the lack of funds for critical medical care.

In response to the prolonged delays, aggrieved customers of Gold Coast Fund Management plan to stage a protest at the Ministry of Finance on November 28, 2023, to highlight their predicament and call for swift action to address the protracted issues surrounding the release of their funds.