Aggrieved customers of the defunct Gold Coast Fund Management have petitioned President John Dramani Mahama, demanding urgent intervention to ensure the payment of an estimated GH¢3.6 billion in outstanding funds owed to customers.
The petition follows years of uncertainty and partial payments to thousands of customers whose investments were locked up following the collapse of the fund management company.
Speaking to JoyBusiness after presenting the petition on Tuesday, September 1, Convenor of the Aggrieved Gold Coast Customers, Charles Nyame*, said payments made so far represent only a fraction of the total amount initially owed to customers.
According to him, the total amount owed to affected customers was more than GH¢5.5 billion, although some payments have been made over the past few years.
Mr Nyame explained that an initial tranche of GH¢700 million was released in September 2024, with subsequent payments also made as part of efforts to settle the government’s outstanding obligation to customers.
However, he stressed that the payments should not be mistaken for a full settlement of the debt.
“As it stands now, we are talking, in essence, about GH¢3.6 billion belonging to the customers. That is just the cost,” he told JoyBusiness.
He explained that some payments had already been made in 2023 and 2024, with the GH¢700 million released in September 2024 also forming part of the overall amount owed.
“The GH¢1.5 billion that she mentioned was there. There were some payments that were made in 2023, even in 2024. That was also paid as part of the GH¢5.5 billion,” Mr Nyame said.
“This GH¢700 million released also paid part of that same amount. So, we are talking about, in fact, *GH¢3.6 billion*. This doesn’t even scratch against that,” he added, highlighting the scale of the outstanding payments.
According to Mr Nyame, the customers are now demanding clarity from the government on when and how the remaining funds will be paid.
“We want the rest of our money,” he said.
He indicated that government had given assurances that it would put together a long-term payment plan to clear the outstanding amount.
According to him, the expectation is that the arrangement will provide a clear roadmap for the settlement of the remaining claims and bring relief to affected customers, many of whom have waited for years to access their investments.
Mr Nyame said the prolonged delay in paying the customers had taken a significant toll on their living conditions, with many facing financial hardship after losing access to funds they had invested with Gold Coast Fund Management.
He said the group was therefore appealing directly to President Mahama to intervene and ensure that the payment process is accelerated.
The customers who joined the petition included individuals whose investments remain unpaid, with the group insisting that previous disbursements have not adequately addressed the outstanding claims.
The aggrieved customers are now hoping that their petition to the President will lead to renewed government action and a firm commitment towards settling the estimated GH¢3.6 billion* balance.
For the customers, Mr Nyame said, the central issue remains simple: after years of waiting and partial payments, they want a clear timeline and assurance that the remainder of their money will be paid.
“We want the rest of our money,” he reiterated.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
