The Parliamentary Committee investigating the petition by some customers of Blackshield Capital Limited, formerly Gold Coast Management, concerning government’s alleged failure to pay the customers, has begun its public hearing.

Parliament established the committee on December 6, 2023, upon the submission of a Petition to Parliament, dated 17th November, 2023, by Mr Mahama Ayariga, Counsel for some of the aggrieved customers.

Joe Ghartey, the Member of Parliament (MP) for Essikado-Ketan, is the Chairman of the Committee.

Other members are Mr Edwin Nii Lantey Vanderpuye, MP for Odododiodio; Dr Benjamin Yeboah Sekyere, MP for Tano South, Mrs Gizella Tetteh-Agbotui, Awutu Senya West; and Mr Kwasi Ameyaw-Cheremeh, Sunyani East.

Two experts: Dr Theophilus Acheampong and Mr Antonio Kesse are the technical persons assisting the Committee.

Joe Ghartey, in his opening remarks, noted that the Committee held its maiden meeting on 21st December, 2023, to formulate the modalities for investigating the Petition.

He said in the spirit of openness and transparency, the Committee unanimously agreed that its evidence-taking proceedings would be generally held in public.

Members of the public and the media would be permitted to be present throughout the proceedings unless the Committee otherwise orders.

He said the Committee had written to the Petitioners and relevant institutions such as Securities and Exchange Commission (SEC) – Regulator, the Ministry of Finance, Price Waterhouse Coopers (PWC), and the Registrar of Companies – the Official Liquidator.

Joe Ghartey said the Committee continued to engage with all those institutions and if necessary, would invite some or all of them to give evidence.

“This Committee shall do its best to complete hearing on the matter before the end of the First Meeting of the Fourth Session of the Eighth Parliament, which ends on March 22, 2024,” he said.

“We shall endeavour to use the recess to prepare the report and subject to the Speaker and the approval of the Business Committee.”

“This Committee shall endeavour to submit the report by the end of the Second Week of the Second Meeting, which starts after the Easter Recess.”

The Gold Coast Fund Management was a duly registered and accredited fund management company regulated by the Securities and Exchange Commission of Ghana.

According to the Petition, the funds of the petitioners was locked up in the defunct Gold Coast Fund Management following the decision of the Government to carry out a financial sector cleanup exercise initiated in 2018.

Following the cleanup, the petitioners successfully submitted and validated their claims through the Price Waterhouse and Coopers.

The Regulator (SEC) budgeted an amount of GH¢8 billion for total payment of the customers of all the 47 defunct fund management companies.

Parliament approved the funds for the Financial Sector Cleanup Exercise and the Finance Minister publicly reported that he had completed the exercise and had expended GH¢25 billion in that regard.

Government’s accounting showed that the sum included the GH¢8.6 billion meant to pay claims of investors in the 47 defunct fund management companies including Gold Coast Fund Management.

Unfortunately, individual members of the petitioners’ association, whose investment exceeded GH¢50,000.00 had not been paid their monies since 2018.