During his tour of the Northern Region, Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), revealed that the Ministry of Finance is in the process of crafting a new bailout package for investors affected by the collapse of the Gold Coast Fund.
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Dr. Bawumia’s announcement came in response to concerns raised by a group of investors seeking redress for their losses resulting from the closure of the fund.
Following the shutdown of the Gold Coast Fund, investors have struggled to recover their investments, facing numerous obstacles along the way.
Dr. Bawumia’s disclosure provides a ray of hope for these individuals, who have been tirelessly pursuing resolution and compensation for their predicament.
Acknowledging the challenges encountered by the investors, Dr. Bawumia highlighted that the Ministry of Finance had previously intervened with a bailout amounting to 50,000 Ghana cedis per investor.
He further emphasized the ministry’s commitment to addressing the ongoing hardships faced by the investors by preparing another bailout package.
Dr. Bawumia stressed the importance of recognizing that the investments affected were not traditional banking deposits but rather individual investments made by people.
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He noted the inherent risks associated with such investments and expressed empathy for those who have suffered financial losses, particularly those who had entrusted their provident funds and savings to these institutions.
In light of the distress experienced by the affected investors, Dr. Bawumia affirmed the government’s dedication to providing support and assistance through the forthcoming bailout initiative. Here’s his statement:
“We would have lost so many jobs and for some of the securities like Gold Coast securities, these were investments that were made by people and not the banking sector.
“These are not banking deposits, these are investments made by people. And people basically make their own evaluations of the risks in investing in certain institutions.
“Sometimes when they make a lot of money, we don’t hear any complaints but when they lose monies, then we may hear some complaints. And I know that it’s not easy for a lot of people who have put provident funds and so on into these institutions.
“The Ministry of Finance came out with a bailout, and I think each repository that they gave was about 50 thousand Ghana cedis and I think that the ministry is preparing another bailout for them because we believe that they are going through a lot of hard times.“
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