Customers of collapsed fund management companies to ‘bark’ at Akufo-Addo with demo

Aggrieved customers of the defunct Fund Management Companies (FMCs) have promised to hold a demonstration against the Akufo-Addo-led government over their seeming nonchalance about their locked-up cash.

The coalition has served a notice that they will hit the streets of Kinbu in Accra on Tuesday, March 24, 2020.

The customers feel side-lined by government who they say is only paying depositors of locked up banks, microfinance and saving and loans companies after both parties were caught up in the financial sector clean-up last year.

Declaring their intentions to embark on a demonstration in Kumasi, Spokesperson for the 53 fund management companies, Charles Nyame bemoaned that “if the Nana Addo led administration really cares about the suffering customers then it should put measures to fix this situation before March 24, 2020”.

“The question those of us in the fund management sector are asking is that was it our fault to invest in a legitimate business being regulated by Securities and Exchange Commission?” he quizzed.

They are however looking forward to government to disburse funds to various FMCs for ‘suffering’ customers to have their monies back.

The Securities and Exchange Commission in November 2019 revoked the operating licenses of 53 fund management companies over breach of requirements and failure to perform their functions efficiently.

Meanwhile, government, through the Consolidated Bank of Ghana (CBG) has so far settled a total of 13,675 customers of collapsed banks, microfinance and savings and loans companies as at the end of last month.


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