Aggrieved Gold Coast Fund Management customers begin second round of picketing  

Aggrieved customers of the defunct Gold Fund Management company have begun the second round of a 32-hour picketing at the Ministry of Finance. 
 
This is the second time in a year that the aggrieved customers of the defunct fund management company have picketed the premises of the Finance Ministry. 
 
The customers, displaying placards with various inscriptions registered their displeasure against the delays in accessing their investment from the Securities and Exchange Commission and the Finance Ministry. 
The Securities and Exchange Commission (SEC), in accordance with Section 122(2)(b) of the Securities Industry Act 2016, (Act 929) (SIA), announced on November 8, 2019, the revocation of 53 fund management companies, which included Gold Coast Fund Management. 
 
That, according to the Commission, was due to significant breaches of applicable rules that created risks to financial stability and their inability to return clients’ funds totaling GHC 8 billion. 
 
In an interview with the Ghana News Agency, a customer who wanted to be anonymous, said they were unable to pay important bills, particularly health and school fees. 
 
He also said some of the customers had died due to their inability to access their locked-up funds after the revocation of the company’s licence. 
 
Another customer, who also pleaded anonymity, pleaded with the authorities to help resolve the situation.  
GNA