Locked-Up Investment Holders Forum Plans Protests

Members of the Locked-Up Investment Holders Forum have announced plans for public protests scheduled to commence on Wednesday, 27th March 2024.

The forum, representing individuals and institutions with funds locked up in Finance Houses and Savings & Loans Companies (FHSLs) licensed by the Bank of Ghana (BoG), expressed frustration over the lack of action to address their difficult situation.

In a statement dated 25th March, 2024, it came up that the Forum submitted a petition to the BoG on 2nd May 2023, detailing the challenges faced by investors unable to access their funds for about three years.

Despite reminders and proposals submitted to the BoG, including a detailed plan for resolving the issues facing distressed FHSLs, the forum alleges a lack of acknowledgment or action from the regulatory body.

“We are gradually losing confidence in the BoG as an institution capable of regulating the FHSLs sector of the financial market and protecting investors in the sector,” the Forum statement.

Moreover, the forum highlighted the dire consequences of the prolonged inability to access investments, citing cases of pensioners and sick individuals who have passed away without being able to utilize their funds for essential needs.

Frustrated by the perceived neglect from the BoG, the forum announced their intention to stage regular protests, demanding immediate action to address their plight.

The protests therefore are scheduled to be held every two weeks until the end of November 2024, with participants intending to march to both the BoG and the Ministry of Finance to press for action.

Read full statement below:

DOC-20240325-WA0008.