The Locked-up Investment Holders Forum has petitioned Parliament to intervene in their quest to retrieve their locked-up funds from insolvent finance houses and savings and loans companies.
In a petition to the Speaker of Parliament, Alban Bagbin, available to Metro TV, the forum urged the government to make financial provision in the upcoming mid-year review budget to pay depositors their locked-up funds.
According to the convener of the forum, Dr. Adu A. Antwi, “We are petitioning Parliament because we believe that our investments are protected by law, and we are seeking the intervention of Parliament to ensure that the Ministry of Finance makes financial provision for the payment of our locked-up funds.”
The forum represents thousands of individuals and institutions who have their investments locked up in finance houses and savings and loans companies that have been unable to meet the interest and principal payment demands of their customers for over four years.
“We have been waiting for over seven months without hearing anything positive from the Bank of Ghana on our petition, and we believe that Parliament can help us get our funds released,” Dr. Antwi added.
The petition comes after the forum staged a public protest and picketed the Ministry of Finance, but received no response from the Ministry.
“We are getting desperate, and we need Parliament to intervene to prevent our situation from getting worse,” Dr. Antwi said.
The forum is urging the government to use part of the savings made from the restructuring of the country’s foreign debts to provide the required financing.
“We believe that the government can use part of the savings to pay our locked-up funds, and we are also urging the government to discuss with the World Bank, the IMF, and other Development Partners to be allowed to use part of the Ghana Financial Stability Fund and the IMF bailout funds to provide the required financing,” Dr. Antwi added.
The petition has been signed by over 1,000 members of the forum, and they are hoping that Parliament will intervene to help them retrieve their locked-up funds.
Click here to read the full Locked-up Investment Holders Forum petition to Parliament
