Customers of the defunct Gold Coast Fund Management have called on President John Dramani Mahama to honour his campaign promise by ensuring full payment of their locked-up investments is captured in the 2026 Mid-Year Budget Review expected to be presented to Parliament next week.
Gold Coast Fund Management was among several investment firms affected during Ghana’s financial sector clean-up initiated in 2017 and intensified in 2019.
The exercise, undertaken by financial regulators to restore stability to the sector, resulted in the revocation of licences of a number of financial institutions and investment firms, leaving thousands of customers with locked-up funds and prompting years of protests and demands for government intervention.
In a statement on Thursday, July 16, 2026, the Aggrieved Customers of Gold Coast Fund Management appealed to the President to direct the Minister for Finance to make a full budgetary allocation to settle all outstanding claims owed to customers of the collapsed investment firm.
The group said thousands of affected customers continue to endure severe financial hardship years after losing access to their investments following the collapse of Gold Coast Fund Management during Ghana’s financial sector clean-up exercise.
“For years, thousands of innocent Ghanaians have lived through unbearable hardship after their life savings became locked up following the collapse of Gold Coast Fund Management,” the group stated.
According to the customers, pensioners, widows, workers and small business owners have borne the brunt of the crisis, with many reportedly unable to afford healthcare, education and other basic necessities.
“Many pensioners, workers, widows, and small business owners have been pushed into poverty, denied medical care, forced to withdraw their children from school, and stripped of their dignity,” the statement noted.
The group further claimed that some customers had died without recovering any portion of their investments.
“Sadly, many victims have died without recovering a pesewa of the investments they entrusted to a licensed financial institution,” it added.
The aggrieved customers reminded President Mahama of assurances he allegedly gave during the 2024 election campaign regarding the settlement of the investments.
“During the 2024 election campaign, President John Dramani Mahama gave a clear and reassuring commitment to the victims. He promised that his administration would not impose a long-term payment plan that would prolong their suffering. Instead, he assured affected customers that full payment would be made within his first year in office,” the statement said.
According to the group, that timeline has now elapsed without the promised payments being made.
“Today, that timeline has expired. The victims are still waiting,” the statement stressed.
The customers described the upcoming Mid-Year Budget Review as an opportunity for government to demonstrate its commitment to accountability and compassion by making adequate provision for the payments.
“The 2026 Mid-Year Budget Review presents the government with a unique opportunity to demonstrate compassion, accountability, and respect for the rule of law by making a full budgetary provision for the immediate payment of all outstanding claims,” the group stated.
They insisted that their demand was not for state assistance but the return of monies they had legitimately invested.
