Gold Coast Fund mgt promises to fulfil promises to customers

The Gold Coast Fund Management (GCFM) says it will keep to its commitment to make regular quarterly disbursements to customers and called on customers to remain calm.

A statement issued in Accra, signed by Mr Benjamin Afreh, the General Manager in charge of Investor Relations and External Affairs GCFM said the company had made some disbursements in the past week.

The statement said some GHȻ60 million was disbursed last month and that the fund was on course to continue to meet the needs of more customers.

It said the company’s priorities for the month of March and ahead were to clear arrears from last year, money due to those whose requests for redemptions and interest were processed and approved and payments due for emergencies and to pensioners.

The statement said payments will be made from the domicile branches throughout the country and not from our head office.

It said: “…GCFM has made viable investments that are still running in the form of placements with other financial institutions, commercial paper held by a variety of private sector entities and contractors with valid government agency infrastructure projects.” It added that “the value of these assets exceeds the related liabilities”.

The statement said, however: “We must keep these investments running to be able to derive the values needed to meet the needs of our customers.”

It said the company through a public notice has given opportunity for customers finding it difficult to meet their obligations to come and arrange periodic payments with them.

From this week, the statement said the company would be moving to a different level to collect money from the investments that had been made with customers’ funds, adding that, “As our investments produce cash, we will continue to meet requests from customers.”

It urged customers who had resorted to directly contacting the founder of GCFM, Dr Papa Kwesi Nduom to desist from that strategy and use the approved, normal channels as the company promises to provide prompt responses when approached.


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