Locked-up funds: Release of GHC1.5 billion not enough, says Charles Nyame

Charles Nyame, convener for the defunct Gold Coast Fund Management, has urged the government to increase the compensation for customers affected by the 2019 banking sector reforms.

This follows President Nana Akufo-Addo's directive to release GHC1.5 billion for impacted customers between June and October 2024.

While acknowledging the gesture as positive, Nyame expressed concern that the amount is insufficient, noting that Gold Coast Fund Management alone has GHC4 billion in outstanding funds.

He emphasized the need for at least 70% of each customer's investment to be compensated, given the six-year delay and currency devaluation.

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