Aggrieved Gold Coast Fund Management customers petition Mahama over locked-up funds

Customers of the defunct Gold Coast Fund Management have taken their case to President John Dramani Mahama, demanding intervention to secure the funds they are still owed. The petition for action comes as a result of years of frustration following the collapse of the fund in 2019 following the financial sector cleanup. Although partial payments have been made to thousands of investors, the head of the Aggrieved Gold Coast Customers, Charles Nyame, claims that there remains an estimated GH¢3.6 billion in outstanding funds yet to be paid.

Nyame outlined the situation during a media presentation of the petition on Tuesday, September 1st. He revealed that only a small portion of the total debt owed to customers has been settled, with the government delivering a first tranche of GH¢700 million in September 2024 and additional payments made in the past few years. Nyame cautioned that these payments should not be seen as a full resolution, as a significant portion of the debt remains unpaid.

"We are talking, in essence, about GH¢3.6 billion belonging to the customers. That is just the cost," he stressed. Nyame is now urging the government to clarify when and how the remaining funds will be paid to the aggrieved customers. He reiterated that the government has promised to establish a long-term payment plan to settle the outstanding balance, which many customers have been waiting for years to receive.