The Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA), Mensah Thompson, has fiercely criticized the government’s recent decision to release GHS 1.5 billion as payment for victims of the 2019 collapsed fund management companies.
In a scathing statement, Mensah Thompson alleged that the move was a calculated political strategy aimed at swaying voters in the upcoming 2024 elections.
Thompson highlighted that the government had previously made partial payments to the victims in 2020, ahead of the general elections.
According to him, the authorities at the time, fearing a political backlash, hastily disbursed up to GHS 50,000 to some affected investors.
Fast forward to 2024, Mensah Thompson sees the release of the remaining funds as a repeat of what he describes as a “panic-driven, election-year tactic.”
He accused the current government of using the financial ordeal of citizens as leverage for political gain,
“If your investment was more than GHS 50,000, the rest of your money was placed in a vehicle managed by GCB Capital, with no immediate clarity on when or how the balance would be paid.
“Barely two months to another election and fearing an inevitable defeat, this government decided to release the rest of the money to victims. In effect, they are blackmailing voters with their own money.”
Mensah Thompson, the Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA)
Cyclical Political Ploy for Votes
Thompson minced no words in expressing his frustration with what he perceives as a cyclical political ploy, stating “This is the third time we are seeing this kind of deception.”
He warned the public not to fall for what he described as “cowardly tactics”, and urged citizens to take whatever monetary relief they receive but cautioned against allowing it to influence their electoral choices.
“As I have said, any money that comes in this election, take it and chop it, but do not let these cowards step on your testicles the third time,” Thompson added pointedly.
The Securities and Exchange Commission (SEC), in its latest statement, announced the release of GHS 1.5 billion in a significant move to provide financial relief to investors impacted by the 2019 fund management industry collapse.
The Commission indicated that the GHS 1.5 billion bailout is aimed at providing much-needed support to investors whose funds were trapped in defunct companies such as Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) and Kron Capital Limited.
According to the statement, under the terms of the current bailout package, investors will receive either GHS 50,000 or 15% of their remaining outstanding claims, whichever is higher. The package offers a lifeline to those still reeling from the impact of the fund management crisis.
The release of funds to compensate victims of the financial collapse has long been a contentious issue.
In 2019, several fund management companies were shut down as part of a broader cleanup exercise in the financial sector.
Thousands of investors, many of whom were individuals with life savings, found their funds locked up, sparking widespread outrage.
The government’s response has been criticized by several groups, including ASEPA, for being slow, insufficient, and politically motivated.
The Executive Director of ASEPA’s sharp criticism adds to the growing chorus of voices scrutinizing the government’s actions in the lead-up to the elections, with many questioning whether this latest gesture is more about securing votes than offering genuine relief to affected citizens.
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