Come to our aid, we are Suffering - CAFMC calls on President Akufo-Addo

The Coalition of Aggrieved Fund Management Customers (CAFMC) has called on President Akuffo Addo to come to the aid of the thousands of pensioners (aged) and vulnerable customers whose monies have been locked up in the 53 Collapsed Fund Management Companies.

According to the Coalition, the recent lockdown in Accra and Kumasi has worsen and aggravated the already deplorable living condition of pensioners (aged) and the vulnerable in our society.

In a statement signed by the Secretary of the Coalition, Joseph Aryeetey, he said "Our health and living condition have been deteriorating daily to the point of death due to our inability to access our funds to meet our basic critical essentials such as medicine and food"

He added that majority of the customers with various health conditions such as diabetes, hypertension, prostate challenges etc are currently bedridden with no help in sight while we have our fund locked-up with the various fund management companies.

Mr. Aryeetey further explained that it is heart breaking that civil servants, security officers and traders who toiled and laboured for this country and saved their meagre income with these government regulated investment firms are being treated this way.

"We saved our monies with these firms with the hope that we can access the money at our old age to support our critical needs, unfortunately, our hopes of securing our old age have been dashed due to the financial sector clean-up initiated by the current government which resulted into the collapse of these 53 fund management companies in which we invested our funds" he explained.

Secretary of the Coalition, Mr. Aryeetey also noted that they are appealing to President Akuffo Addo to empathize with fellow senior citizens of his age in helping mitigate their current sufferings.

The Coalition tasked Government to extend the recently announced relief package amidst the fight of COVID-19 which sought to provide support to the vulnerable in our society to the customers of the 53 collapsed fund management companies.

Mr. Aryeetey also stated Government should with immediate effect release and disburse the 1 billion Ghana cedis relieve package for depositors of the 53 collapsed fund management companies which was allotted and subsequently announced by the finance minister during the presentation of the 2020 financial budget at parliament.

He said "Unlike our counterparts in the Savings and Loans & Microfinance sector who have either received part or all of their funds, we are by this petition pleading with government to release our funds for us in these times"

The Coalition says it is therefore asking that since the COVID-19 is now worsening the already deplorable condition of pensioners and the vulnerable, an emergency fund should be set aside to settle customers of the 53 defunct fund management companies.

"The epidemic (our locked-up funds) we are faced with as pensioners is even worse than the COVID-19 pandemic. It was our hope to secure our future, the reason for which we saved our money with these investment firms" he added.