The Aggrieved Customers of the collapsed Gold Coast Fund Management Company are set to picket the Ministry of Finance to demand their locked-up funds.

According to the group, the Securities and Exchange Commission (SEC) has not paid its members whose funds were locked after picketing at the premises of SEC for three days in May 2023.

Speaking to Joy Business last week, the Convener of the group, Charles Nyame, said all efforts to get their locked-up funds from the defunct Gold Coast Fund Management Company have proved futile.

He disclosed that the defunct company, which operated under the registered name, Black Shield Capital Limited had over 55,000 customers whose funds were locked up before the regulator revoked its license.

Mr. Nyame recalled that leadership of the group has tried to engage the SEC but is yet to receive favourable responses from the regulator.

In February 2023, some of the customers threatened to sue government over their locked-up funds.

According the group, it has been four years since their investments got locked up with the company, which was a regulated by the Securities and Exchange Commission (SEC).

“The lock-up of our investments was mainly due to the Government’s policy of a Financial Sector Clean-up Exercise in Ghana initiated in 2018,” the Group said in a statement.

They lamented that even though affected customers were assured of receiving their funds, none of them have been called to come for their monies.

The group argued that the decision by government to take over the debt and validating customers claims with an initial payment of ¢50,000 per each investment makes the government liable to the customers on the grounds of absorption of responsibility.

They pointed out that affected depositors would have taken action to retrieve their deposit since 2018 but for the government taking over the responsibility to pay us.