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05.11.2019 General News

Gold Coast Fund Customers Want Gov't To Act On Refinement

Gold Coast Fund Customers Want Gov't To Act On Refinement

The Coalition of Aggrieved Gold Coast Fund Management (GCFM) whose investments have been locked up in the company is challenging the Government to respond to its stoning silence on the unjustifiable treatment meted out to innocent Ghanaian citizens following calls for refinements of their funds.

According to the Public Relations Officer (P.R.O), Charles Nyame, it is disappointed that government per its usual posture on their call refused to respond to the petition submit to its outfit.

“We have not even received an acknowledgement of receipt of our petition despite the several follow-ups made by the leadership of the group. The question we are asking is that why the loud silence by the government on our issue”.

He added that government has refused several calls by customers of GCFM to compel the owners and management of the company to pay back funds as directed by the Securities and Exchanges Commission (SEC) in a directive dated 29th June, 2018.

Mr. Nyame mentioned that the Akufo-Addo government has failed to respond to calls by the Group Nduom Company to pay its indebtedness to Gold Coast Fund Management.

The P.R.O blamed the Akufo-Addo led government partly for the pains, suffering, mental torture and poor living condition among others facing the GCFM customers.


Speaking on facts and evidence, Mr. Nyame noted that the deliberate attempts by the government for not honoring its obligations to GCFM and Group Nduom companies is indirectly drawing many customers to their early graves.

“It is unfortunate that our President who is touted as a Human Rights Advocate and a Champion of Democracy will look unconcerned whilst the very people who endured the scorching sun to vote into power in 2016 perish under such a bizarre circumstance,” he fumed.

He revealed that the group has sighted an Interim Payment Certificates (IPCs) and interest to the tune of Three Hundred Million Ghana Cedis (GHc350,000,000) since 2017 but till date, government has not paid without any justification.

Mr. Nyame added that a document of bill of quantity of completed work totaling Nine Hundred Million Ghana Cedis (GHc900,000,000) without Interim Payment Certificate prepared.


The group says it is demanding Government to pay immediately all the IPCs due GCFM and thereafter compel the company as well as Dr. Nduom to pay their customers.

“Government must pay his indebtedness to GCFM or give comfort letters to allow GCFM raise the needed funds to pay their customers."

The group also challenged Government to terminate the appointment of Director General of Securities and Exchanges Commission (SEC), Rev. Daniel Ogbame Tetteh for failing to regulate activities of GCFM, which has culminated in the current predicament.

The group says since rumours have it that Government is trying to close down Gold Coast, it believes this will be an unpopular decision taking into account that the Akufo-Addo led Administration itself is the major debtor and is partly to blame for the current situation.

A 79-year-old pensioner, Mr. Gilbert-Arthur expressed disappointment in Government for failing to release their locked up funds from Gold Coast Fund Management.

He said “I have really regretted transferring my monies into Gold Coast Fund Management. I thought I was being Patriotic and Nationalist. They keep tossing and turning me from the Airport branch through to the Kanda branch”.

He added that he survives on tips given him by some family members and friends.

Madam Jennifer Twumasi mentioned that she began investing in GCFM in 2017 due to the trust she had in Dr. Nduom but has regretted signing up.

“I thought my money would be safe with him. When my rent expired and I could not withdraw money from his bank to pay, I feel I have lost. Some are losing their lives”.

She challenged Government to clear the air on its stance on the on-going issue.

The Coalition of Aggrieved Gold Coast Fund Management (GCFM) has however denied allegations of validation to its customers.

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