The Coalition of aggrieved customers of Gold Coast Fund Management (GCFM) has threatened to vote against the New Patriotic Party if their locked up investments are not paid.

The coalition has given the government a three-week ultimatum to either engage them or face another demonstration.

The Public Relations Officer for the aggrieved customers Charles Nyame addressing the press Monday morning alleged that the Finance Minister Ken Ofori Atta and the Chief Executive of the Securities and Exchange Commission (SEC) Rev Ogbamey Tetteh have withdrawn their investments from the Gold Coast Fund Management.

According to him, the failure for the government to pay them their investments amounts to stealing from innocent, hardworking Ghanaians.

“No one prefers free SHS to his personal financial freedom…there is life after free SHS, our wards must continue to the tertiary after free SHS, therefore, we need our money. If Ken Ofori Atta and Rev Ogbamey Tetteh have been able to withdraw all their funds with Gold Coast Fund Management, then what we want to tell them is that we also deserve ours. What is good for the goose is also good for the gander.

“You cannot steal from innocent citizens…ladies and gentlemen, we consider the action of Ken Ofori Atta and Rev Ogbamey Tetteh as stealing from the poor Ghanaians.”



Background

The SEC on November 8, 2019, revoked the operating licences of 53 investment companies including Blackshield Capital Management (formerly Gold Coast Fund Management).

The company is owned by politician and businessman, Dr Papa Kwesi Nduom.

The revocation of the licences, according to the regulator, was to protect the integrity of the securities market and investors.

The Minority in Parliament described the move as politically motivated.