some angry custormers

Angry Gold Coast Fund Mgt customers accuse government of sabotage


A group calling itself the Coalition of Aggrieved Customers of Gold Coast Fund Management (GCFM) is blaming the Akufo-Addo government for the inability of the fund management company to pay customers’ locked up funds.

The group in a statement said the loud silent posture of the government on the unjustifiable treatment meted to innocent Ghanaians by the management of Gold Coast Fund Management and its effects on the lives of these affected investors is enough proof of the government’s refusal to help resolve their issues.

The statement follows a demonstration held in Accra on November 5, 2019, where they called on the government to pay all Interim Payment Certificates (IPCs) due GCFM and thereafter compel GCFM and Dr. Nduom to pay their customers since the IPCs are the government approved works.

“We have sighted Interim Payment Certificates (IPCs) and interests to the tune of GHS 465 million since 2017 but to date the government had not paid without any justification. It should be noted here that the IPCs are the works that the government itself had certified that the works had been done awaiting payment,” the statement noted.

“We thereby emphasize here that this shows that it is a deliberate attempt by the Akufo-Addo government to not honor its obligations to GCFM and the Group Nduom companies and this is indirectly drawing many customers of GCFM to their early grave,” they added.

More demands

Among other demands, the group demands that the Director-General of the Security and Exchange Commission (SEC) Rev. Daniel Ogbarmey Tetteh’s appointment be terminated for failing to regulate the activities of GCFM, which has culminated in our current predicament.

“We have sighted documents where GCFM was asking the Director-General of SEC Rev. Daniel Ogbarmey Tetteh to assist the company to retrieve their funds from the government dated 22 June 2019 so they can honor their obligations to their customers but till date, he has not,” they said.

They further call on the government to put on hold all attempts to close down and liquidate GCFM since this situation will rather worsen the already ailing plights of customers.

“Instead of government contemplating a liquidation of the company as hinted by the Finance Minister, Ken Ofori Atta on Peace FM on November 1, 2019 during an interview with Kwame Sefa Kai, government should advance all needed payments to GCFM to enable them pay our funds to us sine the liquidation exercise will not guarantee customers receiving the total sum of their investments,” they noted.