Aggrieved customers of collapsed fund management companies have expressed disappointment over government’s failure to fulfil campaign promises to reimburse victims of the financial sector clean-up, with some questioning whether President John Dramani Mahama misled them during the 2024 election campaign.

The frustration follows recent comments by Finance Minister Cassiel Ato Forson, suggesting that government does not have the financial capacity to settle the outstanding claims of customers whose funds remain locked up in collapsed financial institutions

Speaking on the issue, the Convener of the Aggrieved Customers of Gold Coast Fund Management, Charles Nyame, said many affected customers now feel abandoned by the administration after relying on assurances made ahead of the elections.

“Most of our members are tempted to think that maybe the President lied his way through to the presidency,” he stated.

According to him, victims had expected government to provide a clear roadmap for payment after President Mahama pledged during the campaign period that an NDC administration would settle all locked-up funds within its first year in office.

At the time, Mahama assured affected customers that his government would prioritise their plight and compensate victims of the collapsed financial institutions.

However, 16 months into the administration, customers say no meaningful progress has been made.

Mr Nyame disclosed that a formal letter had been sent to the Presidency requesting clarity on government’s position, but claimed they have yet to receive any response.

“Upon the letter that we have written to the Jubilee House requesting him to come clear with his position on this matter, we have not gained any response from him,” he said.

The concerns intensified after the Finance Minister publicly questioned whether the state should assume responsibility for debts arising from privately managed financial institutions.

“The money must come from somewhere,” Dr. Forson said, adding that government currently does not have the resources to make the payments.

But the aggrieved customers insist the state cannot distance itself from the crisis because regulatory institutions licensed and supervised the affected companies.

“Who regulated the private-owned institutions? Who gave them the licences?” Nyame questioned.

He further argued that warning signs about weaknesses within the financial sector existed before the banking sector clean-up undertaken by the previous administration, insisting that customers should not bear the consequences alone.