Aggrieved Gold Coast customers storm parliament

A group of ordinary Ghanaians on Monday, 29 July 2019 stormed parliament to protest what they described as the failure on the part of the legislature to intervene in matters relating to the Gold Coast Fund Management, owned by Dr Papa Kwesi Nduom.

According to Accra 100.5FM’s Parliamentary reporter, Richard Appiah Sarpong, the demonstrators who staged their action at the forecourt of Parliament ahead of the presentation of the mid-year budget statement by Finance Minister Ken Ofori-Atta, demanded their locked-up funds which they say have not been paid since September 2018.

Some of the inscriptions on their placards read: “Arrest Dr Nduom now he is not above the law, Government why are you shielding Dr Nduom to rob innocent Ghanaians?, MPs break your silence about GCFM, Dr Nduom, Mr President our businesses are collapsing among others.”

The management of the Gold Coast Fund Management (GCFM) Limited has revealed that it has paid close to GH¢70 million to its investors out of a total of GH¢200 million.

“So far, I think we have paid out about GHS70 million”, out of the over GHS200 million owed clients, the General Manager for Investor Relations at Gold Coast Fund Management Limited, Mr Benjamin Afreh told Benjamin Akakpo on Class 91.3FM’s Executive Breakfast Show on Thursday, 18 April 2019.

Mr Afreh noted that the firm has been unable to meet all the requests of its customers because it has difficulty accessing funds from its investments with other entities to generate enough liquidity.

He said the firm has been faithful to its clients for, at least 15 years, adding that the recent challenges in the financial sector in the country has contributed to the current problems of the firm.

He said the government has been a beneficiary of Gold Coast’s operations as they have invested close to GH¢14 billion since 2014 in various government projects in excess of 600 including schools and roads.