On November 28, 2023, the Disgruntled Clients of Gold Coast Fund Management will demonstrate outside the Ministry of Finance to demand their unreleased monies that have been delayed.
The authorities canceled the license of the now-defunct business, which eventually changed its name to Black Shield Fund Management, locking up the investments of over 55,000 consumers.
The organization protested because they haven’t received the GH¢8.6 billion that Parliament granted for their members’ settlement.
In a signed statement released on Thursday, Charles Nyame, Convenor, Angry Customers of Gold Coast Fund Management, said that the Finance Minister’s 2024 budget, which was unveiled in Parliament on Wednesday, did not adequately address their grievances.
He, therefore, called on “affected members and well-wishers to join us in mounting pressure on the Finance Ministry through a protest.”
After meeting with the Attorney General, the Securities and Exchange Commission (SEC), and the Finance Minister in October, these consumers were hopeful that their money would be released from lockup.
consumers and the Ministry of Finance reached an agreement to talk about how to address a corporate liquidation order that is impeding consumers’ timely receipt of their money.
The organization asserts that the Ministry has also promised to fight for them on humanitarian grounds, but the Finance Ministry insists that the cash cannot be disbursed until the legal matter is resolved.
Speaking to the media on October 13, 2023, following a two-day picket outside the Finance Ministry, Mr. Nyame expressed optimism that the discussions would be fruitful.
“The two roadmaps are that we are going to engage with the Attorney General and the lawyers of the SEC and two of our reps will be at the meeting, and we will thrash out those issues to see whether they can fast-track the court case or not.”
“And again, on humanitarian grounds, we pleaded that our money be paid in full and he [the Finance Minister] said he is also going to discuss with the government on what to do, and we will get a response to these in the next two weeks when we come, and so we are looking forward to them meeting our demands positively.”