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Over 61,000 aggrieved customers of Gold Coast Fund Management, now known as Black Shield, are calling on the Government of Ghana to restore their investments and urging GN Bank and Gold Coast to help them retrieve their funds.
The affected customers claim that the government owes the investment firm, originally led by Dr. Paa Kwesi Nduom, a debt that has ballooned from GHS 1.8 billion in 2017 to GHS 7.1 billion in 2024.
Many customers have faced severe financial hardships due to the inability to access their investments, with some reportedly being driven to early graves due to the stress and financial strain.
The aggrieved group issued a stern warning to the government, insisting that their concerns be addressed immediately or risk becoming a formidable political force in the upcoming elections.
Additionally, the group has issued a two-week ultimatum to Dr. Paa Kwesi Nduom to address the issue of investing a significant portion of their portfolio into government bonds, which they claim was contrary to standard financial practices.
They call for accountability from Dr. Nduom and insist that the government ensure he is brought to book.
Charles Nyame, the group’s convener, urged swift action from the government and called for Dr. Nduom to be held accountable for the financial mismanagement, stating the urgency of addressing the issue to prevent further suffering among the affected investors.
Adomonline
