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LOCKED-UP FUNDS: "Call Rev'd Ogbarmey Tetteh To Order"- CGCFM Petitions Speaker of Parliament (Pics)

Updated: Aug 9, 2021

The Leadership of the Coalition of Aggrieved Customers Of Gold Coast Fund Management (CGCFM) have petitioned the Speaker of Parliament, Rt. Hon. Alban Bagbin to call to order the Director-General of the Securities and Exchange Commission (SEC), Rev'd Daniel Ogbarmey Tetteh over their locked-up funds.

According to them, they want Parliament to summon the SEC Boss and question him about the unds approved by chamber which is expected to be given the customers.

In an exclusive interview with, one of the Covernors of the CGCFM, Charles Nyame said "We have petitioned the speaker of Parliament to call to order the Director-General of Securities and Exchange Commission, Rev'd Daniel Ogbarmey Tetteh"

Mr. Nyame added that customers of CGCFM have done a lot of activities with the hope of recovering their locked up funds, counting from series of demonstrations of which they have been beaten by the police several times.

"We saw a bit of light in the election tide where the government out of our activities came out with a partial bailout package to chase us through the hardship of covi19"

"That is a bailout package that is 50 thousand cut. It has issues, but we will say that it has helped a number of people, but come to think of it, there are a huge number of customers who also have the files beyond 50000 and if you consider the portfolio of money that falls under the 50000 amount, it is just about 25 percent of the entire portfolio. Therefore, it means that the greater part of the money is locked up. So we were praying to see what will happen and God be so good"

He stressed that the government came out with an allocation in a 2021 budget, that is GHc5.5 billion be paid off the entire fund management customers.

He said "So after a budgetary allocation, we are praying that the Parliament House will approve and by the grace of God, have approved it"

"We all know that one elocutionist meets, it has a span of a year. If the year is gone, it is very difficult to get it back. Now we are in the month of August

Mr. Nyame hinted that with barely four months to go, they have not seen any any move of payments of these monies adding that decided to take the right channel.

He explained that they had series of engagements with a lot of authorities.

"We've engaged some of the NPP leadership in parliament, some of the NDC leadership in parliament. We've engaged the speaker in parliament and we resolved that the best way to go is to petition the speaker of parliament and the direction we have to petition a system and so that the issue would be raised on the floor of parliament. We have done that today. We have submitted our petition to Hon. Adongo to raise our issue on the floor of parliament, to petition the speaker on our behalf"

On why the CGCFM is petitioning the speaker, he said "Back in April, after the budgetary allocation was made and approved, Rev'd Ogbarmey Tetteh's SEC commission had a press conference and said that the money's already the government has made allocation of that money already, but it cannot be paid to us because they have to sit in liquidation orders from courts, which we think is a bit confusing and it's misleading to the public."

Mr. Nyame noted that a bailout package is totally distinct from a liquidation package.

"If the government's or wish to just resolve to the bailout package to pay our money, the government saw the liquidation to pay our money. The government shouldn't have sought for a constitution to approve of money in the House of Parliament to pay us, because that's supposed to be a judicial decision" he mentioned.

Mr. Nyame also said "That's why the government has set aside a package in the budget so that they can pick up later when the liquidation process goes to. They can't just reverse the money back to the government. Just so if a horrible debtor cannot understand this simple distinction between the liquidation package and the bailout package and sought to confuse the public just to mislead the public to make an excuse for the inability to pay us, then we are very sorry"

The angry leadership fumed saying enough is enough.

The Aggrieved Customers stated the earlier payments of funds can help end the needless deaths of these pensioners.

"Yes, that is the main reason why we submitted this petition to the people who want to work with timelines. I believe that the budget allocation. The package, which for one year we've been where we are expecting them, that by the close of this month, August payment will come out, if there are issues for us to talk about as we talk about it, livres by September, payments to commence so that we know our way forward because we need to revamp the businesses of these businessmen who have got money locked up so that we can revamp our economy" he pleaded.

Below are some pictures:

Story by: Joshua Kwabena Smith



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