Gold Coast Fund Saga: Ayariga Petitions Parliament Over Funds Delay

The Member of Parliament for Bawku Central, Mahama Ayariga, has taken a significant step in addressing the prolonged delay in releasing funds to an estimated 61,000 customers of Blackshield Capital Limited, formerly known as Gold Coast Fund Management (GCFM).

This delay has sparked concerns and financial hardships for many investors, leading Mr. Ayariga to present a petition to Parliament.

The petition, on behalf of the “Aggrieved Customers of Defunct Gold Coast Fund Management” organization, calls for an investigation into the reasons behind the government’s failure to disburse funds and urges Parliament to compel the government to fulfill its commitment to pay the customers their investments as per the approved budget.

Gold Coast Fund Management, once a regulated fund management company, faced financial troubles following a government-led financial sector clean-up in 2018. The fallout left about GH¢5 billion in investments locked up for the petitioners, who successfully submitted and validated their claims through Price Waterhouse and Coopers (PWC) after the clean-up.

Despite the Securities and Exchange Commission of Ghana allocating GH¢8 billion for the total payment of claims for customers of all 47 defunct fund management companies, there have been delays in disbursing funds to individual investors.

The Minister of Finance and Economic Planning reported completing the clean-up exercise, including the allocation of GH¢8.6 billion for the claims of investors in defunct companies like Gold Coast Fund Management.

However, Mr. Ayariga’s petition highlights that investors with claims exceeding GH¢50,000 have not received the full amount. This has resulted in financial hardship for many association members, including retirees who invested their pension benefits in the fund. Some have allegedly died due to the lack of funds for critical medical care.

In response to the ongoing delays, aggrieved customers of Gold Coast Fund Management are planning a protest at the Ministry of Finance on November 28, 2023. Their goal is to draw attention to their plight and urge swift action to address the protracted issues surrounding the release of their funds.