Aggrieved customers of collapsed financial institutions are threatening to stage fresh protests. They will target the Finance Ministry if no funds are allocated for their compensation in the upcoming mid-year budget review. This review is expected in July.
The warning follows recent comments by the Finance Minister, Cassiel Ato Forson. He stated that the government does not have the financial resources to pay customers whose money is locked up. These funds are stuck due to the financial sector clean-up exercise. The convener of the Aggrieved Customers of Gold Coast Fund Management, Charles Nyame, reacted to the Minister’s remarks. He said the comments echoed past assurances from the former Finance Minister, Ken Ofori-Atta. Nyame insisted that affected customers will increase their pressure on the government.
Ghana has been working to stabilize its financial sector since 2017. This period saw the collapse of many banks and microfinance companies. The clean-up aimed to restore confidence but left many customers without access to their savings. The government previously promised to pay these affected clients. The total amount owed to these customers is substantial, impacting thousands of individuals and families. The current economic challenges, including high inflation and debt, have put a strain on public finances. This makes new spending commitments difficult.
Charles Nyame stated that the group relies on peaceful demonstrations and media campaigns. These methods have kept the public's attention on their plight over the years. "The way the Finance Minister has spoken now, it was just as what Former Finance Minister Ken Ofori-Atta said at the beginning of this problem," Nyame said in an interview. He warned that the group might escalate their actions. "We will go and sleep at the Ministry with these dying old men," he added, highlighting the urgency of the matter.
Mr. Nyame indicated that the group is giving the government a chance to reconsider its stance. They want provisions for compensation in the mid-year budget. He cautioned that failure to act would force the group to explore other lawful strategies. "If that is not done, we will also advise ourselves. We will use all lawful means within our reach to make them reason to pay us the money," he explained. Many affected customers cannot afford legal action due to their financial hardship. Nyame stressed the group’s determination to continue its advocacy. "Someone would say the only language politicians understand in this country is protest — and we will do it for them."
The government faces a difficult balancing act between fiscal responsibility and addressing the suffering of its citizens. The upcoming mid-year budget review will be a critical test of its commitment to resolving this long-standing issue. Investors and the public will be watching closely for any concrete steps towards compensation.