We won’t pay you now – Gov’t to customers of Gold Coast, AllTime, other closed fund managers

Government has told customers of defunct fund managers including Gold Coast, AllTime, Ideal Capital Partners, Legacy, Unisecurities among others that they should not expect to be paid now.

This is according to Deputy Finance Minister Kwaku Kwarteng who was responding to questions as to whether customers of Gold Coast will be paid as part of ongoing payments ordered by the President.

He said they should not expect to be paid now as their process is different from the collapsed Banks, Savings and Loans and Microfinance companies, much to the disappointment of customers of the defunct fund managers who received the president’s assurance with happiness.

So far, the Consolidated Bank Ghana (CBG), the designated bank for payment claims GHS200 million has so far been disbursed to 800 customers by the Receiver of the collapsed Savings and Loans and Microfinance companies since payment started on Monday, 24 February 2020. The customers, who are largely churches, schools, hospitals and associations, received text messages last night, indicating that they could access their monies.

This has not been verified. CBG claims to have opened accounts for the customers so they can easily withdraw their funds if they want to do so.

‘Insensitive’ Akufo-Addo snubbed us

Customers of Gold Coast Fund Management and Menzgold days ago accused President Akufo-Addo of ‘insensitively’ sidelining them in the payment of locked up investment.

President Akufo-Addo during his final State of the Nation Address yesterday announced that all locked up investments of customers of the financial sector cleanup will be paid.

The President further revealed that payments up to GH¢5 billion are to begin on Monday, February 24, 2020.

But speaking to Starr FM, the spokesperson for the Gold Coast Fund Management, Charles Nyame said they are demanding an explanation from the government on what the silence means for payment.

”Nana Akufo-Addo, Vice President and the Finance Minister have sidelined we the customers under Gold Coast Fund Management. What they are trying to say is that they will pay customers who falls under Bank of Ghana, not those who fall under Securities and Exchanges Commission, We want the President to come out clear to tell us the reason why he thinks that as a result of his own initiative which is the financial sector cleanup exercise, we have all resulted into this mess and he thinks that those who are under Bank of Ghana can be satisfied to the detriment to those of us who are under SEC. The government should come out and tell us the reason why the think its right to do so and moving forward we are not going to rest, we are going to fight for our rights.”