Aggrieved Gold Coast Fund Customers To Picket At Finance Ministry On Nov 28

The Aggrieved Customers of Gold Coast Fund Management will picket at the Ministry of Finance on November 28, 2023, to demand their delayed locked-up funds.

The defunct company, which was later changed to Black Shield Fund Management, had more than 55,000 customers whose investments were locked up when the government revoked its license.

The group said that the GH¢8.6 billion, which was approved by Parliament to settle its members, has not yet been given to them, hence the protest.

Charles Nyame, Convenor, Aggrieved Customers of Gold Coast Fund Management, in a statement signed and issued on Thursday, said the 2024 budget presented by the Finance Minister in Parliament on Wednesday failed to address their concerns.

He, therefore, called on “affected members and well-wishers to join us in mounting pressure on the Finance Ministry through a protest.”

Meanwhile, in October, these customers were optimistic their locked-up money would be paid to them after a meeting with the Finance Minister, Attorney General, and the Securities and Exchange Commission (SEC).

The customers agreed with the Ministry of Finance to discuss how to resolve a liquidation order by the company, which is affecting the prompt payment of money to customers.

But the Finance Ministry maintains that the funds cannot be paid out until the court case is finished, but the group claims the Ministry has also pledged to advocate for them on humanitarian grounds.

Addressing the media after a two-day picket at the Finance Ministry on October 13, 2023, Mr. Nyame expressed confidence that the meetings would yield positive results.

“The two roadmaps are that we are going to engage with the Attorney General and the lawyers of the SEC and two of our reps will be at the meeting, and we will thrash out those issues to see whether they can fast-track the court case or not.”

“And again, on humanitarian grounds, we pleaded that our money be paid in full and he [the Finance Minister] said he is also going to discuss with the government on what to do, and we will get a response to these in the next two weeks when we come, and so we are looking forward to them meeting our demands positively.”