Defunct Gold Coast Fund customers happy with Mahama’s promise on collapsed banks

Business & Finance Defunct Gold Coast Fund customers happy with Mahamas promise on collapsed banks
MAY 23, 2023 LISTEN

Aggrieved customers of defunct Gold Coast Fund Management Company have welcomed former President John Mahama's assurance to restore the licences of financial institutions that were collapsed a few years ago.

In a statement issued on May 22 and signed by the convener of the Group, Charles Nyame, the aggrieved customers believe this goodwill assurance will translate into the unlocking of their investment funds.

Former President Mahama in his acceptance speech as NDC flagbearer for the 2024 polls promised to restore the banking licenses that he said were unjustly cancelled by the Akufo-Addo's government if elected in the 2024 general elections.

“We the members of the Aggrieved Customers of Gold Coast Fund Management who constitute over ninety percent (90%) of the entire customers of the forty-seven Fund Management Companies whose licences were revoked by the Securities and Exchange Commission welcome the news of this goodwill assurance from the former President.

“We wish him well on his pursuit of the presidency, and we cling to this assurance as a light of hope even in times when the Akufo Addo-Bawumia Government who brought us to our knees in this economic mess could be insensitive to our plight for the past five (5) years.”

The group in the statement further refuted what it describes as untrue assertions by the Securities and Exchange Commission (SEC) that: “there is an ongoing Liquidation Case in the court which government seeks to get order from the court to sell the assets of the company (Blackshield/Gold Coast Fund Management) we placed our investments with, the money realized from the sales would top up what the government has made available to pay us in full.”