Aggrieved customers of the defunct Gold Coast Investment Fund Management Company have threatened to embark on a 32-hour nonstop protest at the Ministry of Finance.
They demand that Finance Minister Ken Ofori Atta release the GHS8.6 billion bailout approved by Parliament.
The protest has been slated for Tuesday, 28th November 2023 from 11am through to 7pm on Wednesday, 29th November 2023.
The aggrieved customers will converge at Obra Spot, Circle Interchange in Accra at 8am, where buses will later convey them to the Finance Ministry at 10:30 am.
They believe that it is time to stand for their rights as citizens.
Background
The Gold Coast Investment Fund Management Company is among the fifty-three (53) Fund Management Companies (FMCs) the Securities and Exchange Commission (SEC), acting in accordance with Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA) revoked their licenses on 8th November 2019.
The decision is due to various regulatory breaches including their inability to return clients’ funds estimated at eight billion cedis (GHS 8 billion), and significant breaches of applicable rules that created risks to financial stability.
The licenses were revoked in accordance with the mandate of the SEC to protect investors and the integrity of the capital market.
In 2021, Parliament approved a GH¢5.5 billion to settle owed customers of fund management companies.
The funds are yet to be disbursed to the customers.
By: Ernestina Afake | Metrotvonline.com | Ghana
