Aggrieved customers of the Gold Coast Fund Management have presented a petition to President Nana Akufo-Addo following a demonstration over their locked-up investments.

Leading the protestors, the Public Relations Officer of the group, Charles Nyame, said the unfortunate situation created by the company and its owners particularly, Dr Papa Kwesi Nduom towards customers, has left thousands in terrible economic deprivation hence the need to present the petition.

Parts of the statement read, “Mr. President, as your children, we have been facing terrible economic challenges as results of the inability of GCFM to pay us back our investments since June 2018. As parents with dependents, we are unable to fend for the basic needs of our families and as a result of that lives are being lost and tis making life very unbearable for us citizens of this great country.

“Majority of us are vulnerable in society such as pensioners, individuals with varying health related problems and physically challenged persons who have our investment funds locked up with the company, however all efforts to retrieve our funds to support our basic needs have fallen on deaf ears. We are therefore making a passionate appeal to your high office to help us out of this situation.”

Gold Coast Security, a member of Groupe Nduom, has struggled just like defunct GN Bank, which was downgraded to a Savings and Loans before its licensed was finally withdrawn.

Hundreds of clienteles saving with struggling GCFM, in a nationwide demonstration, walked the streets of Accra in a protest to mount pressure on the company’s management to payback their locked-up investments.

According to them, they were disappointed that regulators have paid little to no attention to their grievances adding that they are aware Nduom used their investment as a “cash cow” for other businesses, however, they have not been told what their savings were used for.



The customers are therefore demanding that the “GCFM and Dr. Nduom should be compelled by the state investigative agencies such as the BNI, EOCO & Police CID through a forensic audit and a criminal investigation of fraud, to reverse and refund all funds belonging to the customers that he Dr Nduom has syphoned illegally through related party transactions to fund his other businesses both within and outside Ghana.”

The PRO, who had earlier sent a petition to the Finance Ministry, stated that he was hopeful the petition will receive maximum attention and response from the office of the president within reasonable time.