Gold Coast customers picket near Parliament ahead of 2019 mid-year budget review

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Some aggrieved customers of Gold Coast Fund Management (GCFM) on Monday picketed ahead of the budget review.

The upset customers of GCFM lined up on the street opposite Parliament to demand action from the Finance Minister and President Nana Akufo-Addo over their locked up funds.

Police tried to ward them off saying they did not give prior notice but leaders of the group ignored the warnings.

But they said police are complicit in their troubles because their request for the arrest of Dr. Papa Kwasi Nduom over their locked up cash was ignored.

In May, more than 200 aggrieved customers of the Gold Coast Security Fund Management (GCFM) marched through the streets of the Ashanti Regional capital, Kumasi to push the management of the company to pay back their monies.

They said they will continue such protests until the company, which is owned by Dr. Papa Kwesi Nduom, founder of the Progressive People’s Party (PPP), pays them their monies.

The customers who wore red bands amidst chants and heavy security marched through the streets with placards expressing their displeasure with the company.

Papa Kwesi Nduom, in a communique on the matter in April, suggested that the government’s about GHC 2 billion debt to the company is partly responsible for the difficulties of the customers.

“Over 2 billion Ghana Cedis has been invested in infrastructure and commercial projects for the GetFund, Cocobod, Road Fund, District/Municipal Assemblies and Private Companies. About 500 million Ghana Cedis have been invested with other financial institutions and in real estate projects. Hundreds of millions more have been invested in agriculture, manufacturing, media and other enterprises that are creating jobs for Ghanaians,” he noted.

“It is prudent to allow investments to run their course before calling them in. Many people will lose money if we were to redeem investments or sell assets before they gain full value. Investments with government agencies once they are legitimate, do not go bad. Otherwise, no investor, local or international will respect Ghanaian sovereign guarantee. This is why we have been working with quiet assertiveness with government agencies and private sector organizations to pay what is due to the Gold Coast. What we recover, we use to pay emergency needs and interest arrears of our clients.”



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