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Business News of Thursday, 24 September 2020

Source: Ghanaian Times

Include us in bailout package - Aggrieved GCFM customer

The Coalition of Aggrieved Customers of Gold Coast Fund Management (GCFM) have called on government to include them in the first phase of the bailout package.

This followed President Nana Addo Dankwa Akufo-Addo’s interview on a local FM station on September 4, 2020, that, GCFM customers were excluded in the first phase of the bailout package by government.

According to the group, “the comment by the President was incomprehensible and cannot be a substitute for the many lives that are being lost as a result of the financial crises they find themselves.”

At a press conference in Accra yesterday, the Public Relations Officer (PRO) of the group, Mr Charles Nyame said the fact that liquidation order has not been secured because GCFM was in court contesting the revocation of their licence does not presuppose that innocent Ghanaians must continue to suffer.

“We believe laws are made for man and not man for the law, therefore, there is the need for government to prioritise the lives of its citizens above any other thing, and not hide behind the law to cause more havoc to innocent Ghanaian lives,” he added.

Mr Nyame bemoaned the fact that, GN Savings and Loans and Unicredit were in court, yet customers of these institutions have been paid their locked up funds in full by the receiver, using the government bailout package, but they have been told by the President that, they cannot be paid with the same bailout package since GCFM was in court contesting the revocation of its licence.

He described the act as discriminatory on the part of the government and urged the government to include them, since their scenarios are the same.

Mr Nyame threatened that, should the government fail to adhere to their plea, they would vote against the government in the upcoming general elections.

He, therefore, called on the various stakeholders such as Christian Council, Catholic Bishops Conference, Asantehene and all civil society organisations (CSOs) in the country to intervene in the distress situation they find themselves in order to retrieve their funds without any further delays.

Some of the aggrieved customers, expressed worry about the delay in retrieving their monies, calling on government to expedite action to avoid any untoward situation.

Madam Joyce Yeboah, an aggrieved customer said she had her savings locked up, which affected her plans and now found it difficult to meet her business obligations.

Mr Richmond Adjetey, another customer, appealed to the government to facilitate the processes to enable them retrieve their monies, since the situation led to the death of some customers, while others suffered various kinds of illnesses.

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