The Member of Parliament for Bawku Central, Mahama Ayariga, has submitted a petition to Parliament addressing the prolonged delay by the government in releasing funds to approximately 61,000 customers of Blackshield Capital Limited, formerly known as Gold Coast Fund Management (GCFM).

Mr. Ayariga presented the petition on behalf of Charles Nyame, the convenor, and others who are members of the “Aggrieved Customers of Defunct Gold Coast Fund Management” organization.

The petition specifically calls on Parliament to investigate the reasons behind the government’s failure to disburse funds to the customers of the defunct Gold Coast Fund Management.

Additionally, it urges Parliament to compel the government to fulfill its commitment to pay back the customers’ investments.

Gold Coast Fund Management encountered financial difficulties following the government’s decision to conduct a financial sector clean-up in 2018.

The petitioners, who collectively invested about GH¢5 billion, found their funds trapped in the defunct Gold Coast Fund Management.

Despite the Securities and Exchange Commission (SEC) allocating GH¢8 billion for the total payment of claims for customers of all 47 defunct fund management companies, as approved by Parliament, the affected customers have not yet received their funds.