The Member of Parliament for Bawku Central, Mahama Ayariga has petitioned Parliament to address the prolonged delay by the government in releasing funds to an estimated 61,000 customers of Blackshield Capital Limited, formerly known as Gold Coast Fund Management (GCFM).

Mr Ayariga presented the petition on behalf of Charles Nyame (convenor), Bernard Agyekum, Nathaniel Mensah, David Opoku, and Rosemond Mensah Grunitzky, who are members of the "Aggrieved Customers of Defunct Gold Coast Fund Management" organisation.

The petition urges Parliament to investigate the reasons for the government's failure to disburse funds to the customers of the defunct Gold Coast Fund Management.

Additionally, the petition calls on Parliament to compel the government to fulfil its commitment to pay the customers their investments since the budget approval.

Gold Coast Fund Management, previously a registered and accredited fund management company regulated by the Securities and Exchange Commission of Ghana, faced financial troubles following the government's decision to conduct a financial sector clean-up in 2018.

The petitioners, with funds totalling about GH¢5 billion, found their investments locked up in the defunct Gold Coast Fund Management. They successfully submitted and validated their claims through Price Waterhouse and Coopers (PWC) after the financial sector clean-up.

SEC allocated GH¢8 billion for the total payment of claims for customers of all 47 defunct fund management companies, as approved by Parliament.

The Minister of Finance and Economic Planning publicly reported completing the clean-up exercise, having expended GH¢25 billion, which included GH¢8.6 billion earmarked for the claims of investors in the defunct fund management companies, including Gold Coast Fund Management.

Mr Ayariga's petition highlights that individuals in the petitioners' association with investments exceeding GH¢50,000 have not received the full amount, as the government only disbursed up to GH¢50,000 to investors owed in 2020.

Many association members, particularly those who invested their retirement benefits in the fund, face financial hardship, with some alleged to have died due to the lack of funds for critical medical care.

“Many members of the petitioners’ association had gone on pension and invested all their retirement benefits in the fund and have consequently been rendered destitute and many have died not being able to afford critically needed medical care,” he noted in his petition.

In response to the ongoing delays, aggrieved customers of Gold Coast Fund Management say they plan to stage a protest at the Ministry of Finance on November 28, 2023. They aim to draw attention to their plight and urge swift action to address the protracted issues surrounding the release of their funds.