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Business News of Thursday, 17 October 2019


We’re paying customers below GHC2,000 first – Gold Coast

Benjamin Kofi Afreh play videoBenjamin Kofi Afreh

General Manager in charge of Investor Relations and External Affairs at Gold Coast Securities, Benjamin Kofi Afreh says even though the investment firm is currently in a hard place, it is doing everything possible to settle customers of their investments.

Speaking on Citi TV’s Point of View Wednesday night, Mr Afreh said the firm is currently working on paying off customers with investments of GHC2,000 and below.

“As I talk to you, we are working on paying those who have 2,000 and below and so far we are on track. I am hopeful that we will cover all of that, as we do that I am sure we will be able to make some more payments”

According to Mr Afreh, close to majority of the firm’s 68,000 customers have investments below GHC10,000, adding that the company is focusing on settling customers within that range first.

“If you look at the customer base that we have, if you look at the segmentation those with 10,000 and below make up more than half of the customers base we have. So the efforts we are making now is towards paying those customers, at least taking care of those customers first.”

Mr Afreh revealed that the company has already made various payments to some 9,000 customers. With some receiving 100% payments of their investments.

The Gold Coast Fund Management has been struggling to maintain operations after the Bank of Ghana declared GN Savings and Loans, one of the subsidiaries of the GN Groupe insolvent.

The announcement by the financial sector regulator has caused customers of the investment firm to demand their investments, putting pressure on the company which is currently facing liquidity challenges.