Accra, Ghana – Aggrieved customers of Gold Coast Fund Management (GCFM) are demanding accountability from Dr. Papa Kwesi Nduom, the founder of the defunct investment firm, over the loss of their investments. The customers, who have been seeking redress for several years, accuse Nduom and the management of acting in bad faith and mismanaging their funds.
The frustration among the investors has reached a boiling point as many continue to struggle without their savings, which they entrusted to GCFM with the promise of lucrative returns. Despite numerous protests and legal actions, they have yet to receive satisfactory explanations or refunds from the company.
In a recent demonstration in Accra, the aggrieved customers voiced their anger and disappointment, carrying placards and chanting slogans demanding justice. “We invested our hard-earned money with trust in Dr. Nduom and his firm. Now we are left with nothing,” said one protester, who preferred to remain anonymous.
GCFM, once one of Ghana’s prominent investment companies, had its license revoked by the Securities and Exchange Commission (SEC) in 2019 due to alleged breaches of the investment regulations and failure to meet the required solvency levels. The company’s collapse affected thousands of clients, many of whom were retirees, small business owners, and low-income earners.
The customers’ demands include a detailed account of what led to the company’s downfall and a concrete plan for reimbursement. “We deserve to know what happened to our money. We want transparency and a clear timeline for when we will be repaid,” stated another aggrieved customer during the protest.
Dr. Nduom, a well-known businessman and politician in Ghana, has faced significant public scrutiny and criticism over the collapse of GCFM. He has previously denied any wrongdoing, attributing the company’s failure to broader economic challenges and regulatory pressures. However, this explanation has done little to appease the affected investors.
The Ghanaian government and regulatory bodies have been urged to take a more proactive role in resolving the issue. Some customers have called for a government bailout or intervention to mitigate their financial losses. “The government should not abandon us. They must hold GCFM accountable and ensure we get our money back,” pleaded a protestor.
The ongoing struggle of GCFM’s clients highlights broader concerns about the financial sector’s stability and regulatory oversight in Ghana. The SEC has since increased its monitoring and regulatory efforts to prevent similar occurrences, but for many, these measures come too late.
Legal experts suggest that the path to recovery for the aggrieved customers may be long and complex, involving protracted court battles and negotiations. In the meantime, the investors continue to face financial hardships, with some losing their homes, businesses, and livelihoods.
Despite the bleak situation, there remains a glimmer of hope among the customers that justice will eventually be served. “We will not stop fighting until we get our due. We believe that with persistence and support, we will see our money returned,” affirmed an optimistic customer.
The plight of GCFM’s investors serves as a cautionary tale about the importance of robust financial regulation and the need for investors to be vigilant about where they place their trust and resources.
Source: ghanaweb.com
