In a significant development, the Coalition of Affected Savings and Loans Customers (CASLOC) has issued a strong ultimatum to the government of Ghana, demanding the immediate release of their locked-up funds. The coalition, representing over 500,000 unpaid depositors from collapsed financial institutions, has called for urgent action, warning of electoral consequences if their demands are not met.
Background on the Issue
The collapse of 23 savings and loan companies, 347 microfinance institutions, and 39 microcredit institutions in Ghana between 2019 and 2020 left millions of depositors in financial distress. In response, the government initiated a reimbursement process through the appointed Receiver, successfully compensating over 2 million depositors prior to the 2020 general elections. However, CASLOC asserts that more than 500,000 depositors have yet to receive their funds, contrary to claims made by government officials.
At a press conference held in Kumasi on Monday, November 25, CASLOC reiterated that payments ceased immediately after the 2020 elections, leaving a significant number of affected customers without recourse. The coalition has rejected government assurances that all depositors have been reimbursed, labeling such claims as false and misleading.
CASLOC's Demands and Warning
Ezekiel Annor Akagbo, Secretary of CASLOC, expressed frustration over the lack of progress in addressing the plight of unpaid depositors. He called on the government to instruct the Receiver to release any remaining funds for distribution to affected customers. "Anytime the government speaks on campaign platforms or elsewhere, we hear claims that everyone has been paid. But the reality is that many of us standing here today have not received anything," he stated.
Akagbo emphasized that CASLOC's membership spans all 16 regions of Ghana, with depositors from over 300 collapsed financial institutions still awaiting payment. "The customers were over 3.3 million initially. While a little over 2 million have been paid, more than 500,000 remain unpaid," he added.
The coalition has given the government a one-week deadline to address their grievances. Should there be no resolution by the end of this week, CASLOC members have vowed to mobilize their families and communities to vote against the ruling New Patriotic Party (NPP) in the upcoming December 7 elections.
A Call for Accountability
The situation underscores the need for transparency and accountability in managing financial crises and protecting depositors' interests. For many affected individuals and families, these locked-up funds represent life savings, education funds, and capital for small businesses—resources critical to their livelihoods.
CASLOC's ultimatum serves as a reminder to policymakers that unresolved financial issues can have far-reaching social and political consequences. The coalition's call for immediate action reflects growing frustration among citizens who feel neglected despite previous assurances.
Looking Ahead
As the December elections approach, the government faces mounting pressure to address CASLOC's demands and resolve the issue of unpaid depositors. Failure to do so could significantly impact voter sentiment and trust in public institutions.
The next few days will be critical in determining how this issue unfolds. Stakeholders across Ghana will be watching closely to see whether the government responds to CASLOC's ultimatum or risks alienating a substantial portion of the electorate. For now, the affected depositors remain steadfast in their demand for justice and restitution.
0 Comments