Ghana: Investors With Locked-Up Funds Suspend Protest for Two Weeks

22 May 2024
The Accra Times (Accra)
By Fred Avornyo

The decision comes after Deputy Finance Minister, Dr. Stephen Amoah, in a phone call on Tuesday, May 21, promised to meet with the group's leadership when he returns from a trip on May 27.

A group of investors with locked-up funds has temporarily suspended their planned protest at the Finance Ministry for two weeks.

The decision comes after Deputy Finance Minister Dr. Stephen Amoah in a phone call on Tuesday, May 21, promised to meet with the group's leadership when he returns from a trip on May 27.

The Locked-up Investment Holders Forum had planned to picket tomorrow Wednesday May 22nd but the Deputy Minister's request for a meeting has put those plans on hold. Dr. Adu Anane Antwi, the group's convener, in a statement copied to The Accra Times, expressed hope for a productive discussion with the Deputy Minister.

"We hope to have a fruitful discussion with the Deputy Minister on our petition and get our locked-up investments paid back to us". The statement added that they are therefore suspending the planned picketing for "tomorrow, 22nd May 2024 and Wednesday, 29th May 2024," he said.

The investors had previously picketed the Finance Ministry on May 15th, seeking action from the government to recover their locked-up investments. During that picketing, Dr. Amoah reportedly promised to investigate the matter further and provide feedback. While relieved to finally be heard, the Forum members remained resolute. They vowed to continue their weekly pickets until their concerns were addressed.

"Our strategy is that no resolution, no stoppage of the picketing," Dr. Anane Antwi told The Accra Times last week. But they will now take a break pending the outcome of the meeting with the Deputy Minister.

The group's frustration stems from the 2017-2018 financial sector cleanup, which revoked licenses of numerous failing institutions. Legal hurdles and other issues have delayed the process for some, leaving many investors, particularly retirees, in financial hardship.

The government reportedly allocated approximately GH¢25 billion for the cleanup, but many investors have yet to recover their funds.

Read the original article on Accra Times.

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