Mahama petitioned over GH¢3.6bn Gold Coast claims -

Aggrieved customers of the defunct Gold Coast Fund Management have petitioned President John Dramani Mahama to intervene in the payment of an estimated GH¢3.6 billion still owed to them, following years of uncertainty and partial settlement of their locked-up investments.

The customers, who say they have waited several years for access to their funds, are demanding a clear payment plan and firm timeline from the Government to settle the outstanding claims.
The petition was presented to the Presidency on Tuesday, September 1, by representatives of the Aggrieved Gold Coast Customers.

The group’s Convenor, Charles Nyame, said the amount outstanding represented a significant portion of the more than GH¢5.5 billion originally owed to affected customers.

He explained that although the Government had made several payments over the years, those disbursements had not fully settled the claims.

“As it stands now, we are talking, in essence, about GH¢3.6 billion belonging to the customers. That is just the cost,” Mr Nyame said.

Partial payments made
According to him, payments made in 2023 and 2024 had reduced the Government’s obligation but did not constitute a complete settlement.

He cited an initial payment of GH¢700 million released in September 2024 as part of the funds used to settle customers’ claims.

“The GH¢1.5 billion that she mentioned was there. There were some payments that were made in 2023, even in 2024. That was also paid as part of the GH¢5.5 billion,” he said.

“This GH¢700 million released also paid part of that same amount. So, we are talking about, in fact, GH¢3.6 billion. This doesn’t even scratch against that,” he added.

The customers are therefore seeking clarity on the Government’s plans for settling the remaining obligation, arguing that previous payments have not adequately addressed the scale of their outstanding claims.

Demand for payment roadmap
Mr Nyame said the Government had given assurances that it would develop a long-term payment plan to clear the outstanding amount.

The customers want that proposed arrangement to be translated into a concrete roadmap setting out when and how the remaining claims will be paid. “We want the rest of our money,” Mr Nyame said.

He appealed directly to President Mahama to intervene and accelerate the payment process, stressing that affected customers had endured years of financial uncertainty.

The prolonged inability to access their investments, he said, had caused significant hardship to many customers, some of whom had depended on the funds for their livelihoods and other financial obligations.

Years of uncertainty
Gold Coast Fund Management was among the fund management companies affected by Ghana’s financial-sector clean-up, which left thousands of customers unable to access their investments.

Although Government has subsequently made payments towards outstanding claims, the aggrieved customers say the process remains incomplete and that a substantial balance is still due.

They argue that the passage of time has compounded their difficulties and that the remaining obligation should no longer be left without a clearly defined settlement schedule.

The petitioners are therefore hoping that the intervention of President Mahama will result in renewed Government action and a firm commitment to clearing the estimated GH¢3.6 billion balance.

For the customers, Mr Nyame said, the demand is straightforward: after years of waiting and partial payments, they want certainty over when the remainder of their investments will be returned.
“We want the rest of our money,” he reiterated.