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GCFM customers appeal for speedy payments

A group calling itself the Concerned Customers of Gold Coast Fund Management (GCMF) Monday appealed to the Securities and Exchange Commission (SEC) to continually work with the Fund Managers to speed up the payment of their locked-up investments and deposits.

The Group said the current process of payment was slow and erratic, which was not in their best interest.

Dr Richmond Turkson, the Secretary of the Group, told a media conference, in Accra, that they also wanted the Fund Managers to provide them with their statements of accounts and the accrued interest to be paid on outstanding balances.

He said though some customers had received some payments, the outstanding amounts were much bigger.

Since the SEC directed the GCFM to end its Structured Fund Scheme last October, the Group said members had experienced socio-economic difficulties, including drop-outs from school by their dependents, collapse of their businesses and broken marriages.

Hitherto, the scheme was considered as one of the best investment products in Ghana and customers were very pleased with the service provided.

Mr Donald Gwira, the Vice Chair of the Group, also acknowledged that   the payments had resumed but said the levels should go up.

He urged the managers to also abide by the payment plans agreed with the customers.

Meanwhile, the Fund Managers, have said in a statement that GCFM had so far paid nearly GHC 60 million to aggrieved customers, and given the assurance that the payment would continue.

The statement said the Management was also mobilising funds to meet the needs of pensioners and to settle arrears due from transactions processed last year.

It assured its customers about plans to prudently manage their investments, while working assiduously to redeem funds from ongoing projects and other companies it had placed funds with.

Additionally, it is also working to migrate interested customers of the defunct Structured Funds to alternative products.

But those want their monies back would be settled in a three-year instalment payment plan from March, 2019.

It urged customers to engage their representatives at [email protected].

The GCFM has 100,000 retail customers.

Source: GNA

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  1. Which people have they management started paying? I have not receive any call nor message. Are they paying known or favourite customers? No matter how long it will take us, we will still get our hard earned money but that will also be the end of their company.

  2. This is a wicked plan. Why one to three years plan installment. Even i went to the Gold coast funds office they told me that is one to give years payment plan. They shouldn’t try to be thieves.