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Locked-up funds: Release of GHC1.5 billion not enough, says Charles Nyame

President Nana Akufo-Addo directed the Ministry of Finance (MoF) to release an amount of GHC1.5 billion to support impacted customers between June and October 2024

Charles Nyame, the convener for the defunct Gold Coast Fund Management, has called on the government to increase compensation offered to customers affected by the 2019 banking sector reforms.

Nyame’s comments come after President Nana Akufo-Addo directed the Ministry of Finance (MoF) to release an amount of GHC1.5 billion to support impacted customers between June and October 2024.

While welcoming the announcement in an exclusive interview on Asaase Radio’s Big Bulletin on Monday (24 June), Nyame expressed concern about the allocated amount.

“The government’s move to release this GHC1.5 billion is a positive commitment on the side of the government,” Nyame said. “But we believe that the government could do better.”

He highlighted the significant shortfall: “Only Gold Coast Fund Management customers have [an] outstanding portfolio of GHC4 billion.”

“So should we say that this GHC1.5 billion that has been released is going for Gold Coast Fund Management customers alone; it can’t even pay 50% of their outstanding locked-up funds.”

Nyame emphasised the urgency of the situation, citing the time elapsed and the devaluation of the currency. “It’s been six years now, the money has already devalued and the least we expect the government to come and do is to come and pay [everything] that is outstanding,” he said.

“For the government to release GHC1.5 billion, it means that we still have a long way to go,” Nyame continued. “We are pleading with the government; at least they should come out and top it up to at least by 70% of each customer’s investment, then we can talk about the rest,” he added.

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