Aggrieved Gold Coast Fund Customers Accept GH¢1.5 Billion Bailout, Urge Government for Full Compensation
The Aggrieved Gold Coast Fund Customers have expressed cautious relief following the announcement of a GH¢1.5 billion bailout package for investors affected by the 2019 revocation of fund management licenses.
The group’s convenor, Charles Nyame, shared their response during an interview on Eyewitness News with Umaru Sanda Amadu on Citi FM, stating that while the announcement is welcome, there is lingering disappointment.
Nyame explained, “We are not entirely happy because it has been over six years, and our funds have depreciated. We would have preferred full payment.” The Securities and Exchange Commission (SEC) recently announced the release of the GH¢1.5 billion, which will be disbursed in three phases, with the final tranche expected by December 2024.
Despite the frustrations, Nyame emphasized that the group accepts the funds in good faith to support struggling members. “Many of our members are in critical condition and need money to take care of themselves. It would have been a disservice to reject the payment because it isn’t in full. But for the sake of our suffering members, we accept the GH¢1.5 billion and urge the government to expedite the release of the remaining GH¢3.5 billion to ensure full compensation,” he said.
Nyame also reassured members, clarifying that no one will receive less than GH¢50,000 under the payment plan, and urged calm during the process. “We ask our members not to be confused—every investor will receive no less than GH¢50,000, and many will receive more,” he concluded.
