Accra News is reporting, Dr. Paa Kwasi Nduom has spoken for the first time in many months concerning its fund management troubles.
His remarks appeared to distance itself from the recent agitations instituted by its client whose money has been locked up during financial clean up exercise in 2018.
Rather than joining the Blackshield and GCFM to call for a vote against President Akuffo Addo on voting if their demands were not met in full, Papa Kwasi Nduom chose to boldly welcome the government’s partial bailout as a positive step.
A few months ago, we made it public that after 26 years of unblemished record in the fund management business, BlackShield/GCFM’s main objective was to retrieve investments the company had made with the government and private entities and use it to meet the redemption requests of its customers.
“Last week, the Securities and Exchange Commission (SEC) in Ghana announced a partial bailout plan for clients of affected Fund Management Companies, including BlackShield/GCFM
“According to the SEC’s statement, all affected customers will be paid up to GHS 50,000 of their claim. We welcome this as a positive first step.
“We will continue to work with the authorities to ensure that what is due to the customers is fully paid eventually, without regard to our company’s grievances.
“We are painfully aware of the financial stress that our clients, many of whom had been loyal customers for well over two and a half decades, have experienced over the past two years.
“People have had to delay weddings, education, building homes, medical procedures, and other life milestones because of the crisis.
“Pensioners in particular have had an extremely stressful experience. We are sorry that our cherished clients have had to go through such pain.
“We hope that this measure announced by the SEC provides Blackshield customers with sufficient liquidity to meet their financial obligations while we continue to go through the important processes that are still underway,” he said.
This story as it is developing may likely have a tough response from Charles Nyame PRO of Blackshield. Who and his group did not embrace the partial bailout as a positive step.
According to them the processes involved in meeting the requirements for the partial bailout is tedious and an attempt to hoodwink their efforts aim at retrieving all their lockup funds through political rhetorics and rallies.