Ghana: Customers Demo Against Gold Coast Fund Management

16 October 2019

Hundreds of aggrieved customers of Gold Coast Fund Management (GCFM) yesterday embarked on demonstration to demand their "locked up' moneys from the company, in Accra.

The group called on the Bureau of National Investigation (BNI), Economic and Crime Office (EOCO) and the Criminal Investigation Department, to investigate Dr Paa Kwesi Nduom, Chief Executive Officer of GCFM.

The demonstrators marched from the Obra Spot, Kwame Nkrumah Circle, through Kwame Nkrumah Avenue, Frisco Traffic Light, TUC, Accra High Streets, Ministries, and ended at the Jubilee House.

The customers, who were clad in red and black attire, wielded placards with the inscriptions, 'Dr Nduom is a democratic fraudster', 'Arrest Dr Nduom now, he is not above the law', 'Why is Government shielding Dr Nduom, to rob', 'Dr Nduom bring back the money of pensioners', 'Nduom worse than NAM I' and 'Mr President, your children are dying'.

The demonstrators carried a coffin with Paa Kwesi's portrait picture embossed on it, chanting war songs, and the police from the Accra Regional Police Command were there in their numbers to ensure law and order.

The Public Relations Officer (PRO) of the aggrieved customers, Mr Charles Nyame, in a petition appealed to government to help them retrieve their money from the GCFM, adding that government should freeze all assets of Dr Nduom and Group Nduom companies within and outside Ghana.

He asked the company to pay customers their principal amount and accrued interest at the prevailing treasury bill interest rate before November 30, 2019.

Mr Nyame asked government to as a matter of urgency, order EOCO and other investigative bodies to investigate Dr Nduom's businesses.

He alleged that GCFM has closed down most of its offices across the country keeping customers in the dark.

"GCFM with a nationwide customer base of more than 800,000 customers and a total investment of more than GH¢5 billion, must be investigated, " Mr Nyame added.

He appealed to the president to relieve the Director General of the Security and Exchange Committee (SEC) Reverend Ogbame Tetteh, of his position for handling the issue poorly.

Petitions were presented to the Minister of Finance, which was received on his behalf by Deputy Minister, Abena Osei-Asare, whilst Dr Kwaku Afriyie, Minister of State at the Office of the President received it on behalf of President Nana Addo Dankwa Akufo-Addo.

The ministers assured the demonstrators that the petitions would be presented and their concerns addressed.

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