• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Tuesday, August 16, 2022
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Pay BlackShield customers’ locked-up cash – PPP to government 

Marian AnsahbyMarian Ansah
June 28, 2022
Reading Time: 3 mins read
ShareShareShareShare

The Progressive People’s Party (PPP) has asked the government to pay customers of defunct BlackShield Company Limited their locked-up cash.

The PPP said the government has not shown commitment to retrieving customers’ locked-up cash, three years after the company’s license was revoked.

“It is shocking that after three years of the revocation, the government has refused to pay the affected customers and there are continuous agitations all over the country due to the severe impact this unfriendly decision by government has brought on the customers,” the PPP said in a statement.

It asked about the whereabouts of some over 8 billion Ghana cedis approved by Parliament for the payment of customers.

“We are also curious, and asking the government the whereabouts of the 3.1 billion Ghana Cedis and 5.5 billion Ghana Cedis funds approved by parliament in the 2020 and 2021 budgets respectively for the payment of customers of all affected fund management companies as a bailout.”

The SEC revoked the licenses of some 53 fund management companies, which according to them was to protect the integrity of the securities market and investors.

The disgruntled customers have embarked on a series of protests to push for the government’s intervention in retrieving their funds from BlackShield Fund Management.

Below is the statement from the PPP

PAY GOLD COAST/BLACKSHIELD CUSTOMERS NOW – WHERE ARE THE MONIES PARLIAMENT APPROVED FOR THE BAILOUT IN 2020 AND 2021 BUDGETS?

The Progressive People’s Party (PPP) is asking the government and the Securities and Exchange Commission (SEC) to pay all affected customers of the BlackShield/Gold Coast Fund Management Company with immediate effect.

It could be recalled that in November 2019, government through SEC revoked the license of GCFM. Before the revocation, GCFM presented a proposal to government to allow the company repay all affected customers within three-year period under a new fund management arrangement called Cardinal Fund. This proposal by the owners and managers of GCFM/BlackShield was flatly rejected and government promised to repay the affected customers after the revocation.

It is shocking that after three years of the revocation, government has refused to pay the affected customers and there are continuous agitations all over the country due to the severe impact this unfriendly decision by government has brought on the customers. We are also curious, and asking government the whereabout of the 3.1 billion Ghana Cedis and 5.5 billion Ghana Cedis funds approved by parliament in the 2020 and 2021 budgets respectively for the payment of customers of all affected fund management companies as bailout. Remember, there was no conditions attached to this bailout for the payment of the affected customers. On the basis of that, the Director General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh stated categorically the following in a press release on 2nd September, 2020: ‘The SEC reiterates the fact that there is no plan to exclude any group of customers, and as indicated in our last press release, the roll out of the government’s bailout will be done in phases’. We demand explanations to what has happened to this arrangement. We believe the customers deserves better in this arrangement so government should urgently fulfil its pledge by paying the affected customers because, our taxes has been collected for this purpose.

It is important to emphasize that there is no excuse for government to wait for a liquidation order for BlackShield/Gold Coast assets to be issued before making payments to customers as the government want us to believe. Because, under a different arrangement with banks affected in the same financial sector clean-up exercise, owners of these financial institutions are in court challenging the decision of the Bank of Ghana and the Receiver for the revocation of their licenses. Yet, customers are being paid. Besides, agreement signed by customers of affected fund management companies whose funds has been validated shows they are no longer customers of GCFM/BlackShield but are customers of a different fund manager approved by the Securities & Exchange Commission (SEC), called the Amalgamated Fund, managed by Ghana Commercial Bank Ltd which guarantees payment for the affected customers. What then is the reason for the delay in paying the customers?

More worrying, there has been a general acceptance and public declaration by the President, the Vice President, the Minister of Finance, the Minister of Works & Housing and Roads & Highways Minister that, indigenous Ghanaian contractors who acquired loans from the affected fund management companies are owed significant sums of money. However, the Ministry of Finance & Economic Planning led by Mr. Ken Ofori-Atta has been selective in determining which contractors are paid and which ones should not be paid and directing funds to financial institutions to pay some contractors bypassing the original lenders with impunity. This has the potential of denying the original lenders funds due them and likely to cause huge judgement debts and financial loss to the state.

The PPP, therefore, demand that government does the needful by paying investors their monies and save the suffering of the affected customers of these fund management companies.

Sign:

Felix Mantey

Director of Communications

 

 

ShareTweetSendSend
Previous Post

Ecofrontiers International, Prudential Life Insurance plant 5,000 trees

Next Post

Fidelity Bank Ghana records 32% increase in profit before tax 

Related Posts

Gov’t must clarify free SHS expenditure inconsistencies – Kofi Asare

July 30, 2022
News

Squatters at O’Reilly SHS demand compensation ahead of demolition

July 29, 2022
Director of Operations for the PPP, Nana Ofori Owusu
Politics

PPP calls for separation of Attorney General and Ministry of Justice offices

July 26, 2022
Top Stories

Ofori-Atta’s mid-year budget review was honest – Gideon Boako

July 26, 2022

Govt’s mid-year budget review empty, offers no hope for Ghanaians – Ato Forson

July 25, 2022
Top Stories

Omitting Atta Mills’ name from Asomdwe park bust disappointing – Haruna Iddrisu

July 25, 2022
Next Post

Fidelity Bank Ghana records 32% increase in profit before tax 

TOP STORIES

Ellembelle MP, others sue Chief of Defence Staff, Adamus Mines over death of Andrew Donkor

August 15, 2022

UG Council recommends removal of Commonwealth Hall Master, Senior Tutor following clash

August 15, 2022

Northern Region CHASS threatens to close schools over lack of funds for food

August 15, 2022
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT