Dr. Adu Anane Antwi, the lead convener of the Locked-Up Investment Holders Forum (LIHF), has indicated that the group has restarted its picketing protest after a weeks-long hiatus.
According to Dr. Antwi, this decision came as a result of the Ministry of Finance failing to respond to their calls, despite assurances from the Deputy Finance Minister, Steven Amoah, that a meeting would take place.
Dr. Antwi announced that the Locked-Up Investment Holders Forum (LIHF) will restart their weekly picketing protests at the Ministry of Finance, beginning today, June 5th, 2024.
He indicated that the group will gather every Wednesday, and if the Ministry of Finance agrees to meet with them, it will only be on a Wednesday, which coincides with their picketing days.
“There is a chance for them to still meet us since we are coming here every Wednesday. We can schedule a meeting on a Wednesday and it will be okay. [Our demand is] for the Ministry of Finance to make financial provision to enable the Bank of Ghana to revoke the licenses of NDK Financial Services, SIC Life Savings and Loans SDC Financial Services, and Bond Savings and Loans”.
Dr. Adu Anane Antwi
Dr. Antwi explained that the Bank of Ghana (BoG) declared the financial entities insolvent, as mandated by law, stressing that according to the law when a financial institution becomes insolvent, the Bank of Ghana is required to revoke their operating licenses, which was not done in this case.
“In fact, the law says if you foresee that the next six months a bank or a financial institution will become insolvent, start the resolution processes now”. – Dr. Adu Anane Antwi
Furthermore, members of the group emphasized that their situation remains unchanged, and the Ministry of Finance’s continued silence on the matter is a stark display of disregard and disrespect.
As such, they indicated that they feel ignored and frustrated by the lack of response or action from the Ministry, which has failed to address their concerns.
However, the protesters believe that their persistent picketing will ultimately prompt the government and the Ministry of Finance to yield and address their concerns. They are hopeful that their continued demonstrations will wear down the government’s resistance and force them to take action.
Protesters Demand Urgent Release of Funds
Furthermore, the members of the Locked-up Investment Holders Forum are urgently demanding the release of their funds, which have been locked up in NDK Finance and three other deposit-taking institutions, and seeking immediate access to their investments.
Moreover, the group attributed their decision to resume picketing to a combination of factors, including the latest developments in their situation and the escalating economic hardship, which has further exacerbated their plight.
As such, members of the LIHF indicated that the cumulative effect of these factors has compelled them to take action and intensify their protests.
Additionally, the group members also stated that they have formally notified the police of their intention to continue picketing the Ministry of Finance every Wednesday until November 2024, should their demands remain unmet.
Accordingly, the LIHF stressed that this sustained protest action will persist until their requests are fulfilled.
“We hope to have fruitful discussions with the Deputy Minister on our petition and get our locked-up investments paid back to us. We count on the press to support our cause”.
LIHF
The members emphasized that the situation is particularly dire for pensioners, who have their retirement savings trapped in these investment firms.
Accordingly, they noted that these seniors are struggling to make ends meet, lacking even the basic funds to purchase essential medications, let alone cover their daily living expenses, further exacerbating their plight.
The group emphasized that it needs to have a discourse with the Minister of Finance to determine how the licenses of the investment firms involved will be revoked for members to recover their monies.
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