Customers of the collapsed Gold Coast Fund Management want their locked-up funds repaid

Customers of the collapsed Gold Coast Fund Management have expressed optimism regarding President Mahama’s promise to repay their locked-up investments.

According to their leadership, discussions have already begun with the government to fast-track the implementation of this commitment.

Following the financial sector clean-up, thousands of affected investors have struggled to recover their funds, with many facing severe financial difficulties and business losses.

Speaking to Citi News, as monitored by GhanaWeb Business, the convener for the aggrieved customers, Charles Nyame, expressed confidence that their concerns have been addressed in the 2025 budget.

“We have had extensive discussions with the government, emphasising the need for an allocation in the 2025 budget so that after parliamentary approval, we can determine the way forward. True to our discussions, an allocation has been made in the budget.

“But it’s quite unfortunate that many people have not taken notice of it. There has been an allocation for legacy arrears, with GH¢10 billion set aside in the 2025 budget.

“When you examine the components covered by this GH¢10 billion, you’ll realize that asset management companies whose licenses were revoked are included. We will liaise with the government to understand how the funds will be raised and the timeline for payments,” he said.

SP/MA

The Chief Commercial Manager at the Ministry of Trade, Agribusiness, and Industry, Kofi Addo, has emphasised the government’s commitment to agricultural transformation through private sector collaboration.

According to Mr. Adams, the government is committed to collaborating with the private sector to enhance value addition and expand Ghana’s agricultural industry.

“In partnership with the Ministry of Agriculture, we will work with private sector players to scale up commercial farming. Instead of smallholder farmers managing just two hectares, we need large-scale operators managing at least 5,000 hectares and beyond. The government is committed to providing key inputs to facilitate mechanized and commercial farming,” he stated.

This pledge comes on the heels of concerns raised at the Accra Workshop of the UK-Ghana Chamber of Commerce’s (UKGCC) Grand Challenge programme, where industry players highlighted key challenges local farmers face. The Grand Challenge programme is designed to identify, support, and scale innovative Ghanaian solutions in the agriculture and energy sectors.

Call to Invest in Modern Farming Techniques

For his part, William Hunt, Country Director of Demeter Ghana and Chair of the UKGCC’s Agribusiness Sector Committee, called on the government to invest in modern farming techniques to maximise income generation and improve productivity.

Mr. Hunt noted that “despite current challenges, Ghana’s agriculture sector holds immense potential. With the right tools, policies, and partnerships, we can close the yield gap and build a more resilient, expert-driven, and productive system.

We must also invest in a new generation of commercially viable farm funds that support mechanisation, irrigation, and reliable supply chains for processing and export markets.”

The Accra Workshop of the UKGCC Grand Challenge

The UKGCC Grand Challenge programme is a structured competition where innovators develop and propose technological, social, or financial solutions to address key challenges in Agriculture and Energy.

Speaking at the workshop, the Executive Director of the UKGCC, Adjoba Kyiamah, indicated that the programme seeks to encourage and support innovation that addresses pressing national and sectoral challenges, and foster collaboration between researchers, entrepreneurs, government agencies, and the private sector.

She added that the programme further seeks to provide capacity-building and funding opportunities to innovators to refine and scale their solutions, as well as create a sustainable pipeline of investable, commercially viable, and impactful projects.

During the workshop, held at the Mix Design Hub in Accra, applicants exchanged ideas, refined their concepts, and took advantage of the expertise, resources, and masterclasses available to develop strong, competitive proposals.

The panel of industry experts comprised Saqib Nazir, Founder of Mojo Payments; Alhassan Baba Muniru, Co-founder of RUG; Dr. Markus Perkmann, Professor of Innovation & Entrepreneurship and Vice-Dean (Research & Faculty) at Imperial College Business School; Mr. Franklin Eshun from Ghana TVET Service; Dr. Roland Asare, Senior Research Officer at Council for Scientific and Industrial Research (CSIR), Ghana; Ben Mumby-Croft, Director of Entrepreneurship at Imperial College London; Divine Elikem Ackah, Technical Supervisor at IT Consortium; Julian Owusu at BUILD The Company; seasoned sales coach, Mawuli Ocloo; and Nuna Attipoe, Associate at Koranteng & Koranteng Legal Advisors.

According to Ms. Kyiamah, “in addition to the mentorship and guidance received from industry leaders at the workshop, shortlisted applicants will also receive the opportunity to pitch for spots in a United Kingdom roadshow—offering international exposure and investment opportunities.”

The Grand Challenge workshop continues in Kumasi, where the programme will engage relevant stakeholders and equip innovators with the necessary tools to participate effectively.

The UKGCC Grand Challenge falls under the Sankore Programme, a United Kingdom Government-backed initiative under the West Africa Research and Innovation Hub (WARIH). Sankore focuses on strengthening West African innovation systems and scaling impactful solutions in West Africa and beyond.

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