Group petitions BoG over locked up funds
The Locked-up Investment Holders Forum (LIHF) has petitioned the Bank of Ghana over what it describes as the regulator’s silence on the locked up funds in finance houses and savings and loans companies.
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A release signed by the convener, Dr Adu Anane Antwi said customers whose money have been locked up in these financial institutions regulated by the central bank included individuals, churches, credit unions, associations, pension funds, trust funds, provident funds and insurance companies.
The release noted that when customers of some banks, microfinance institutions faced similar challenges in 2017, the BoG stepped in to settle the deposits and investments of customers of the affected institutions.
“We believe that we are entitled to, and should be given the same treatment. We are therefore worried and disappointed that the BoG has created a situation reminiscent of regulatory inertia and has neglected its regulatory responsibilities owed to investors in these affected finance houses and savings and loans companies, allowing us to suffer undue financial hardships.
“Respectfully, we find the silence of BoG to our plight as gravely wrong and unacceptable. Apart from the personal hardships and pains caused us, despite planning for our lives to avoid such hardships and pains, the silence does not promote the culture of saving and investing in the country,” the release pointed out.
The release further requested the central bank to take immediate steps to work to secure the locked- up investments.
“We wish to state that we shall do all things legitimate, to ensure that BoG works to protect us and get us back our ‘locked-up’ investments, in line with its investor protection role which is a key objective of financial market regulation, and a mandate imposed on BoG by law.
“Respectfully Sir, we wish to advise that, if we do not receive a positive response from you towards the resolution of our complaint, we shall explore other means of getting a resolution to our complaint,” the release cautioned.
