More than 20,000 aggrieved customers of the First Fund, an investment scheme formerly managed by the defunct First Banc Financial Services, are threatening to stage a massive demonstration over the continuous delay in retrieving their locked-up funds.

The Securities and Exchange Commission (SEC) revoked the license of First Banc in 2019 as part of its financial sector cleanup exercise, promising investors that their funds—estimated at over GH¢170 million—would be recovered and disbursed. However, six years on, customers say not a single payment has been made despite the regulator’s appointment of three separate fund managers to oversee the process.

Initially, the SEC handed over the fund’s management to TTL (Templeton Trust Limited), but investors claim the company failed to disburse any money. The mandate was then transferred to OctaneDC, which also failed to deliver. Currently, SEM Capital Advisors has been tasked to reconcile accounts before payments can be made, but investors argue the process is being unnecessarily delayed.

“What is even worrying is that a commercial paper investment totaling GH¢36 million cannot be accounted for. This was clearly specified in OctaneDC’s report, yet the board of First Fund has no explanation,” lamented Johnny Kwabena Nketiah, co-convener of the First Fund Investors Group.

Transparency and Accountability in Question

For many customers, the saga has now gone beyond financial loss—it has become a matter of transparency, accountability, and trust in Ghana’s financial regulatory system.

Mr. Nketiah was blunt: “Our customers need the money. Letters we have written to SEC and the Company Board have proven futile. The Board doesn’t care about us. No one knows where the money is although we understand some are in active accounts running. The only language they understand is demonstration.”

His words reflect the frustration of thousands of Ghanaians—workers, pensioners, and small business owners—whose savings have been locked up without explanation for six years.

The investors have served a two-week ultimatum to SEC, demanding concrete action or risk facing a mass protest. According to the leadership of the investor group, the regulator’s silence and lack of urgency leave them with no other option than to hit the streets.

“Six years is too long. If nothing changes, we will protest to demand what is rightfully ours. This is not just about money—it is about our lives and livelihoods,” Mr. Nketiah added.

Beyond threatening a demonstration, the group says it will also petition the Minister of Finance, Dr. Cassiel Ato Forson, to intervene. In addition, the investors are appealing to President John Dramani Mahama and the government to step in with a bailout.

“We believe in the new SEC management and the Board chaired by Dr. Adu Anane-Antwi, but at this stage, government intervention is the only way to restore confidence. We are calling on government to take over the funds and help us recover our money.”
Johnny Kwabena Nketiah

The SEC has yet to issue a new statement on the matter, fueling further frustration among the aggrieved investors. For many, the regulator’s silence reinforces the perception that transparency and accountability have been compromised.

Market watchers note that the First Fund debacle threatens to erode confidence in Ghana’s securities market at a time when investor trust is critical for the economy’s stability.

Analysts say the First Fund saga underscores the need for robust regulatory oversight and transparency in fund management. The lack of clear communication, prolonged reconciliations, and unexplained disappearance of investments highlight systemic weaknesses that must be addressed if Ghana is to build a resilient financial system.

For the affected investors, however, the lesson has been costly—both financially and emotionally. Many say they no longer trust investment schemes and will not return to the market even if payments are made.