Several dead, others impoverished - Gold Coast Fund customers 'cry' for full payout

Customers of the defunct Gold Coast Fund Management are urging the government to make a full budgetary allocation in the upcoming 2026 Mid-Year Budget Review to settle all outstanding investments owed to them.

In a statement issued on Thursday, July 16, 2026, the Aggrieved Customers of Gold Coast Fund Management said the budget review presents a crucial opportunity for the government to resolve one of Ghana’s most prolonged investment crises and restore confidence in the country’s financial sector.

The group called on the government to honour what it described as President John Dramani Mahama’s campaign pledge to compensate affected customers within his first year in office.

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According to the statement, many investors including pensioners, widows, workers and small business owners continue to suffer years after the collapse of the fund management company left their investments inaccessible.

“Many pensioners, workers, widows, and small business owners have been pushed into poverty, denied medical care, forced to withdraw their children from school, and stripped of their dignity. Sadly, many victims have died without recovering a pesewa of the investments they entrusted to a licensed financial institution,” the statement read.

The group said the prolonged delays have had devastating consequences, with many victims falling into poverty, struggling to pay for healthcare, withdrawing their children from school and, in some cases, dying before recovering their investments.

Rather than adopting a phased repayment plan, the customers are demanding that the government provide sufficient funds in the Mid-Year Budget Review to clear all outstanding claims at once.

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They also recalled that during the 2024 election campaign, President Mahama assured affected customers that his administration would prioritise full repayment within its first year in office.

According to the group, that timeline has now elapsed, yet many customers are still waiting to be paid.

The customers argued that settling the outstanding claims is not only about compensating investors but also about rebuilding public trust in government commitments and Ghana’s financial system.

They said the Mid-Year Budget Review offers the government an opportunity to demonstrate accountability, compassion and respect for the rule of law by making a full allocation for the immediate settlement of all outstanding claims.

The group stressed that affected customers are not seeking financial assistance but the return of money they legally invested through a licensed financial institution.

DR/SA