The Ministry of Finance has assured investors with locked-up funds in defunct financial institutions that they will receive an official response “within the shortest possible time.” This comes after a meeting between the group, represented by the Convener of the Locked-up Investment Holders Forum, and Deputy Minister of Finance Dr Stephen Amoah on Wednesday, May 15.
The meeting was a result of a picket staged by the Forum members, who had previously been unsuccessful in getting a hearing from the Ministry. The Forum’s pickets aimed to pressure the government to take further action to ensure their locked-up investments are returned.
Convener of the Forum, Dr. Adu Anane Antwi, reported that while Dr. Amoah initially expressed unawareness of their petition, he listened as he explained their situation.
Dr. Amoah reportedly promised to investigate the matter further and provide feedback.
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“He said he would go and find the letters and discuss with his Minister and possibly even with the Bank of Ghana and get us some response within the shortest possible time,” Dr. Anane Antwi told The Accra Times.
While relieved to finally be heard, the Forum members remain resolute in their quest. They have vowed to continue their weekly pickets until their concerns are addressed.
“Our strategy is that no resolution, no stoppage of the picketing, we won’t stop until we get a resolution,” Dr. Anane Antwi declared.
The group’s frustration stems from the 2017-2018 financial sector cleanup, which revoked the licenses of numerous failing institutions. Legal hurdles and other issues have delayed the process for some, leaving many investors, particularly retirees, in financial hardship.
Dr. Anane Antwi emphasized the plight of the elderly and sick who rely on these investments for basic necessities and healthcare.
“If you stretch it to the elderly ones, then they are going through hell not having the monies that they have saved, they have put together. They didn’t spend it while they were young, they wanted to take off their lives in the future. Some of them have died trying to access this money to buy medication,” Dr. Anane Antwi lamented.
The government reportedly allocated approximately GH¢25 billion for the cleanup, but many investors have yet to recover their funds.
