The Coalition of Aggrieved Fund Management Customers (CAFMC) has petitioned President Nana Akufo-Addo to as a matter of urgency, include them as beneficiaries of the government’s stimulus package following the lockdown brought on by the Coronavirus pandemic.
These customers who have since the collapse of some 53 fund management companies demanded the release of their monies now say the hopes of securing their future have been dashed due to the financial sector clean-up initiated by the current government which resulted in the collapse of some financial institutions.
“It is interesting to note how the recent lockdown in Accra and Kumasi has worsened and aggravated the already deplorable living condition of pensioners (aged) and the vulnerable in our society whose funds are locked-up with the 53 collapsed fund management companies. Our health and living condition has been deteriorating daily to the point of death due to our inability to access our funds to meet our basic critical essentials such as medicine and food,” they argued.
The customers say they are already battling with various health conditions such as diabetes, hypertension, prostate challenges with others currently bedridden with no help in sight while they have their fund locked-up with the various fund management companies.
“It is, therefore, our plea that our President, His Excellency Nana Addo Dankwa Akufo-Addo will be touched by the voice of conscience to empathize with fellow senior citizens of his age in helping mitigate our current sufferings, hence we make the following petitions of his government,” the customers pleaded.
“In summary, we are therefore asking that since the COVID-19 is now worsening the already deplorable condition of pensioners and the vulnerable, an emergency fund should be set aside to settle customers of the 53 defunct fund management companies. The “epidemic” (our locked-up funds) we are faced with as pensioners are even worse than the COVID-19 pandemic. It was our hope to secure our future, the reason for which we saved our money with these investment firms. Unfortunately, our hopes have been dashed, thereby turning us into paupers. We hope and pray that our request will be considered with all the urgency necessary,” they concluded.
Specifics of the petition
The Coalition of Aggrieved Fund Management Customers in the petition made the following requests to the government:
- That government should extend the recently announced relieve package amidst the fight of COVID-19 which sought to provide support to the vulnerable in our society to the customers of the 53 collapsed fund management companies, especially the pensioners, the homeless, the physically challenged, widows and persons with underlining health conditions. Since we form the majority of the vulnerable group in the Ghanaian society today after our funds got locked-up since 2018.
- The government should with immediate effect release and disburse the 1 billion Ghana cedis relieve package for depositors of the 53 collapsed fund management companies which was allotted and subsequently announced by the finance minister during the presentation of the 2020 financial budget at parliament.
- Unlike our counterparts in the Savings and Loans & Microfinance sector who have either received part or all of their funds, we are by this petition pleading with government to release our funds for us in these times.