Gold Coast Fund customers picket at SEC to demand locked up cash

3rd May 2023

Aggrieved customers of collapsed Gold Coast Fund Management Company have returned to the Securities and Exchange Commission for Day 2 of picketing to demand the payment of their locked-up funds.

The collapsed financial institution under the name BlackShield Capital Limited had about 55,000 customers whose funds were locked up shortly before the regulator revoked its license.


Addressing the media on the Day 2 of the picketing, the convener of the aggrieved customers, Charles Nyame alleged that the Finance Minister, Ken Ofori-Atta, and Rev. Ogbamey Tetteh of the Securities and Exchange Commission have deliberately withheld the funds reported to have been released by the government.

Yesterday, we were here, and we were expecting to hear something good from the government after yesterday’s picketing but up till now, we haven’t received any official information or message from the government; either the Ministry of Finance or the Securities and Exchange Commission. But there is a new development where after the picketing we had a call from a key official trying to console us and told us that the monies have been released just as the president had advised and that the money is with Ofori-Atta and Rev. Ogbamey Tetteh.”

The aggrieved customers also called on the International Monetary Fund to investigate the delays in paying the monies owed them because the government in its official documents to the Fund told it that it had used over GH¢25 billion to settle the debts of customers of collapsed fund management companies.

Written by Web Master

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