'This is your last chance' - Gold Coast customers warn finance minister over locked-up funds

Aggrieved Gold Coast customers have said they are tired of holding unfruitful meetings with the Ministry of Finance about their locked-up funds. 

According to the convenor of the group, Charles Nyame, in an interview with Citi News, customers will embark on a series of demonstrations against the government if it fails to give them their due by August, ending as promised.

He said, “We made it clear to the government that this is the second time they are giving us their timelines. We want people to understand that we’re not doing this for political expediency. It’s the money that we want; we’re in a political season, and we don’t take joy in muddying the water for any political party or playing the bidding of any political party."

“We need the money, so if the government has come forward to say, Wait, give me a little time; this is the second time, and we have to agree. We made it clear to them that this is the last chance, the last opportunity we’re giving them. If they fail to do as they have said, there’s no way we will enter into any agreement or negotiations with them," he stated.

Mr. Nyame added that "we’re going to plan for a sustained series of demonstrations until we see all our monies paid to us, should they fail to pay all our monies in August as they have promised.”

Gold Coast Fund Management was one of the financial institutions whose license was revoked by the government during the banking sector clean-up exercise in 2017.

This has resulted in the funds of customers being locked up for over six years.

The affected customers say the effects of their locked-up funds have left them in dire psychological and medical conditions.

The government, through the Ministry of Finance, said the clean-up exercise was to restore confidence in the banking and specialized deposit-taking sectors.

The clean-up saw a reduction in the number of banks from 34 to 23, while 347 microfinance institutions, 15 savings and loans, and eight finance houses had their licenses revoked.

SA/OGB