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Investors with Locked-Up Funds to Resume Picketing Tomorrow After No Show from Deputy Finance Minister

The Locked-up Investment Holders Forum has struggled to gain an audience with Finance Minister Dr. Mohammed Adam, despite sending a petition and a reminder to his ministry.

Investors with locked-up funds will resume picketing the Finance Ministry on Wednesday, June 5, and continue every Wednesday until their concerns are addressed. This decision follows the failure of Deputy Minister Dr. Stephen Amoah to honour his promise to meet with the aggrieved investors.

The Locked-up Investment Holders Forum first picketed the Ministry of Finance on Wednesday, May 15, 2024, demanding that the Finance Minister make financial provisions for the payment of depositors’ funds with insolvent finance houses and savings & loans companies, enabling the Bank of Ghana to revoke their licenses and pay depositors. During that protest, the Deputy Minister met with the leadership and assured them that he would follow up on their concerns. However, nearly a week after this promise, no action was taken, prompting the investors to inform the police of their intention to protest again on May 22.

A day before the scheduled protest, the Deputy Minister called the Convener, Dr. Adu Anane Antwi, requesting a meeting upon his return from a trip on April 27. This second promise led the protesters to suspend the picketing on May 22 and May 29, 2024, to allow for the promised meeting.

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However, in a recent statement, Dr. Anane-Antwi expressed disappointment, saying, “Unfortunately, the Ministry of Finance has not called us for the meeting the Deputy Minister promised to have with us.” He added, “We will resume picketing on Wednesday, June 5, 2024, and continue every Wednesday until we get a resolution to the payment of our locked-up funds.”

The Locked-up Investment Holders Forum has struggled to gain an audience with Finance Minister Dr. Mohammed Adam, despite sending a petition and a reminder to his ministry. The brief meeting with the Deputy Minister during their first picketing gave the investors a glimmer of hope, but this has since been dashed as Dr. Amoah failed to follow through on his promise, compelling the investors to resume their protest.

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The financial sector clean-up exercise undertaken by the government in 2017 and 2018 led to the revocation of the licenses of many financial institutions for various infractions. However, not all institutions had their licenses revoked, despite being insolvent, due to legal challenges and other reasons. This situation has left many individuals, including retirees, in dire financial straits, relying on the goodwill of others for basic needs such as food and medication.

In an effort to amplify their voices, the affected investors united under the Locked-Up Investment Forum, led by Convener Dr. Adu Anane Antwi, a former Director-General of the Securities and Exchange Commission. They hope that collective action will expedite the release of their funds, but their efforts have yet to yield tangible results.

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