Hundreds of aggrieved customers of the defunct Gold Coast Fund Management, who have their investments locked up due to the government’s revocation of the company’s license, are demanding payment.
The aggrieved customers in Kumasi are seeking the restitution of their funds from the defunct company at the earliest possible time.
Failure on the part of government to refund their money, the group says, will orchestrate Vice President Dr. Bawumia’s defeat in the 2024 general elections.
Former Finance Minister, Ken Ofori-Atta supervised a banking sector clean-up from mid-2017 to January 2020 in a bid to restore confidence in the banking and specialized deposit-taking sector.
The government said the action was one of the contributory factors for the country’s high debt stock.
The clean-up saw a reduction in the number of banks from 34 to 23, whilst 347 microfinance institutions, 15 savings and loans, and eight finance houses had their licenses revoked.
Gold Coast Fund Management is one of the financial companies that was affected by the exercise.
This has resulted in the funds of customers being locked up for over six years.
The affected customers say the effects of their locked-up funds have left them in dire psychological, and medical conditions.
