By Emmanuel Nduka
Aggrieved customers of the defunct Gold Coast Fund Management have intensified pressure on President John Dramani Mahama, demanding the immediate release of an estimated GH¢3.6 billion in outstanding locked-up investments.
The customers, led by their convener, Charles Nyame, took their protest to the Jubilee House in Accra, where they presented a petition to the Presidency, calling for an urgent resolution of their claims and a transparent timeline for the payment of the funds.
The protesters said their action was driven by growing frustration over years of waiting for access to their investments, insisting that successive assurances have failed to bring about the full settlement of their claims.
Nyame said the amount owed to affected customers was initially estimated at more than GH¢5.5 billion, but partial payments made over the years had reduced the outstanding claims to approximately GH¢3.6 billion.
The customers are particularly aggrieved that an earlier commitment by the Mahama administration to resolve the locked-up funds within its first year in office has not been fully achieved.
According to the protesters, the self-imposed deadline has expired without the outstanding claims being completely settled, prompting them to renew their demand for a definitive payment schedule rather than further assurances.
The 2026 Mid-Year Budget Review has also heightened their concerns, with the group expressing disappointment over what it described as the absence of a dedicated provision for the full settlement of the outstanding Gold Coast claims.
The customers said they had previously made formal requests to government over the matter and expected the budget review to provide a clear financial commitment towards resolving the issue.
They argue that the continued delay has placed affected investors under severe financial pressure, particularly elderly persons and pensioners who depend on their investments for basic living expenses, healthcare and other urgent needs.
The Gold Coast Fund Management crisis dates back to Ghana’s financial-sector clean-up, during which the company, subsequently renamed Blackshield Fund Management, was among the financial institutions whose licences were revoked.
While government established mechanisms to protect customers affected by the financial-sector reforms and has made payments to some claimants, the Gold Coast customers maintain that a substantial portion of their investments remains unpaid.
They are now demanding that the Presidency and the Ministry of Finance provide a clear roadmap showing how and when the remaining GH¢3.6 billion will be paid.
The customers insist that their demand should not be construed as a request for government assistance or charity, but as a legitimate call for the recovery of money they had invested and are yet to receive.
The development comes against the backdrop of a separate effort by Dr Papa Kwesi Nduom, Chairman of Groupe Nduom, to recover funds allegedly owed to Gold Coast-related entities.
Nduom has reportedly directed Gold Coast Holding to pursue legal action against state agencies, contractors and other defaulting entities in a bid to recover about GH¢3 billion which, according to the company, remains outstanding.
The move is part of efforts to recover funds believed to be critical to resolving some of the financial obligations associated with the collapsed fund management company.
Meanwhile, the aggrieved customers are maintaining pressure on the government, urging President Mahama to treat the matter as an urgent financial and humanitarian issue.
They have called for greater transparency in the payment process and want government to communicate clearly to affected investors on the status of their claims, the amount available for settlement and the timetable for disbursement.
For the investors, years of waiting have turned what began as an investment into a prolonged struggle to reclaim their own money.
With the outstanding claims now estimated at GH¢3.6 billion, the customers say they want the government to move beyond promises and take concrete steps to bring the matter to a final resolution.
