Although the Gold Coast Fund Management (GCFM) prides itself as having diligently managed customer funds successfully for 25 years, customers are baying for blood following the hindrance being encountered in retrieving their funds, unswayed by assurances of management that it’s working to settle them.
GCFM says its faced difficulties in paying customers’ funds because of challenges its encountered however pointing out that despite the challenges, the company has disbursed about GHc60 million to its customers with the priority being to clear arrears from 2018 especially those whose requests for redemptions and interest have been approved as well as issue payments for emergencies and to pensioners.
Sector regulator, the Securities & Exchange Commission (SEC) has asked investment companies to wind down guaranteed products since June 2018 in a bid to sanitise the sector.
President of Gold Coast Fund Management, Dr. Papa Kwesi Nduom has come under intense scrutiny for from the public for causing hardships to folks whose funds have been locked up.
Customers of the company across the regions stress the fund manager refused to pay back their fixed deposit investments with claims pensioners’ among them are unable to take care of their medical bills and other basic essentials while others have had to lose people close to them to death because of unavailable funds.
Whiles it true the crisis in the banking and financial services industry in 2018 might have caused the panic redemptions of investments by clients, the GCIF faced, the company maintains it still managed to pay in 2018 over GHc1.3 billion of investment funds to its customers stressing no investment company can be unscathed if 25 percent of its customers redeemed their funds at a go.
Another challenge Gold Coast Fund Management (GCFM) says it faced is the bulk of its funds being invested in the pre-financing of government’s infrastructure projects to the tune of over GHc1.5 billion which is now only being paid by the state.
By Michael Eli Dokosi/goldstreetbusiness.com