Gold Coast Fund Customers Petition Mahama Over Funds
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Aggrieved Gold Coast Fund Management Customers Petition Mahama Over Locked-Up Funds
Aggrieved customers of the defunct Gold Coast Fund Management have petitioned President John Dramani Mahama, asking him to step in and ensure they finally get paid what they’re owed.
This isn’t a new problem. Gold Coast Fund Management collapsed as part of the 2019 financial sector cleanup, and years later, thousands of customers are still waiting to fully recover their locked-up investments.
Some partial payments have gone out over the years, but according to Charles Nyame, convenor of the Aggrieved Gold Coast Customers group, there’s still an estimated GH¢3.6 billion sitting unpaid.
Speaking to the media after presenting the petition on Tuesday, September 1, Nyame laid out exactly where things stand. He said the total amount originally owed to affected customers exceeded GH¢5.5 billion.
Government has made several payments toward that debt over the years including a first tranche of GH¢700 million released in September 2024. But Nyame was firm that these payments shouldn’t be mistaken for a full settlement.
As it stands now, we are talking, in essence, about GH¢3.6 billion belonging to the customers. That is just the cost, he said.
He also clarified how earlier payments fit into the bigger picture, referencing amounts paid in 2023 and 2024 as part of the same overall GH¢5.5 billion debt. 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, he explained. 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.
For Nyame and the customers he represents, the ask is simple and direct. We want the rest of our money, he said.
Beyond that, they’re pushing government for real clarity a clear picture of when and how the remaining GH¢3.6 billion will actually be paid.
Nyame said the administration has committed to putting together a long-term payment plan to clear the outstanding balance. He’s hopeful that this plan, once finalised, will give affected customers a clear roadmap toward getting their money back a moment of relief many have been waiting years for.
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