"No More Delays": Gold Coast Fund Customers Demand Full Payout in Mid-Year Budget
- Customers of the defunct Gold Coast Fund Management are demanding full compensation ahead of Ghana's 2026 Mid-Year Budget Review
- The coalition is pressing President John Mahama to honour his 2024 campaign pledge to reimburse investors within his first year in office
- The group says retirees, widows, and small business owners have been pushed into poverty, with many victims dying before recovering any funds
Customers of the collapsed Gold Coast Fund Management have called on the Ghanaian government to include a full budgetary allocation for their outstanding investments in the upcoming Mid-Year Budget Review.
They warned that any further delay will deepen the financial ruin already suffered by thousands of victims.
Source: UGC
The coalition is holding President John Mahama to a pledge he made during his 2024 election campaign, in which he promised complete reimbursement of affected investors within the first year of his administration.
With the budget review imminent, the group says the window to make good on that commitment is closing fast.
Gold Coast Fund customers reject instalment repayment
Rather than accepting a staggered repayment arrangement, the affected customers are insisting on immediate, full compensation.
According to a report by Citinewsroom, the customers argued that the funds in question represent their own capital, not a government handout, and that it was entrusted to a licensed financial institution under regulatory oversight.
"Many pensioners, workers, widows, and small business owners have been pushed into poverty, denied medical care, forced to withdraw their children from school, and stripped of their dignity.
Sadly, many victims have died without recovering a pesewa of the investments they entrusted to a licensed financial institution," the group stated.
The coalition is urging the president to instruct Finance Minister Cassiel Ato Forson to ring-fence a full payout allocation within next week's budget document.
Gold Coast Fund Management collapse
Gold Coast Fund Management, which was later rebranded as Blackshield Capital Management, is owned by Ghanaian businessman and politician Dr Papa Kwesi Nduom, who also serves as the Global Chairman of Groupe Nduom.
The Securities and Exchange Commission (SEC) revoked the company’s operating licence in November 2019 as part of Ghana’s financial sector clean-up exercise.
Gold Coast Fund Management's collapse forms part of a broader financial sector clean-up that the Bank of Ghana initiated in 2019, which saw a number of fund management companies and microfinance institutions lose their licences.
The fallout left tens of thousands of investors across the country unable to access their savings, triggering prolonged hardship for many households.
The customers' coalition argues that the upcoming budget review represents a critical test of the government's commitment to restoring public confidence in Ghana's financial sector.
They contend that a decisive move to settle these liabilities would signal that licensed institutions can be trusted and that the state stands behind investors who follow the rules.
Supreme Court rules on GN bank licence
Earlier, YEN.com.gh reported that the Supreme Court had suspended the Court of Appeal's ruling that ordered the restoration of GN Savings and Loans' operating licence.
The Bank of Ghana filed an appeal against the Court of Appeal's May 21 ruling, which had unanimously overturned the revocation of the licence.
The Court of Appeal had directed the appointed receiver to hand all assets and operations back to shareholders of GN Savings and Loans.
Source: YEN.com.gh
