The Locked-up Investment Holders Forum has announced plans to stage a series of pickets at the Ministry of Finance.
This decision comes after unsuccessful attempts to engage with the Ministry regarding the release of funds for the payment of investors’ funds in insolvent Finance Houses and Savings & Loans Companies.
The forum organised a public protest on March 27, which included marches to the Bank of Ghana and the Ministry of Finance.
Despite a meeting with the Governor of the Bank of Ghana, they say they were unable to secure a meeting with the Minister for Finance or any of his representatives.
In a statement released today, the forum highlighted their plea to the Minister for Finance to allocate funds for the payment of depositors’ funds, enabling the Bank of Ghana to revoke the licenses of insolvent institutions, as done previously in similar cases.
The communique signed by the group’s convenor, Dr Adu Antwi explained that “At our meeting with the Bank of Ghana, the Governor informed us that Bank of Ghana intends to revoke the licences of the insolvent Finance Houses and Savings & Loans Companies and will do so when the Ministry of Finance provides funds for the payment of depositors’ funds as was done in the case of the revocation of the licences of some Specialised Deposit-taking Institutions in 2017/18.”
Expressing disappointment over the lack of response to their petition and letters, the forum has informed the police of their intention to picket the Ministry every Wednesday, starting from May 15th until the end of November.
“It has been more than two (2) weeks since we sent our reminder letter to the Minister for Finance but we have not received any response. Consequently, we have informed the Police of our plan to begin picketing the Ministry from Wednesday, 15th May 2024 to further press home our request. We shall be picketing the Ministry every Wednesday till the end of November 2024 if our request is not met,” the Locked-up Investment Holders Forum added.