Government cannot afford compensation for locked-up funds – Ato Forson
Finance Minister Cassiel Ato Forson says the government currently lacks the financial resources to compensate customers whose funds remain locked up in collapsed financial institutions.
Speaking on PM Express on JoyNews, Dr Forson questioned whether the state should continue assuming responsibility for liabilities arising from privately managed financial institutions.
According to him, any decision to compensate affected customers would require significant public funding, which could affect other critical government programmes.
“The money must come from somewhere. Tell me, am I going to stop paying for school feeding? Am I going to stop paying capitation grant? Because the money must come from somewhere,” he stated.
“In fact, we do not even have the money to do that,” he added.
The comments come despite assurances made by John Dramani Mahama during the 2024 election campaign that an NDC administration would reimburse victims of the financial sector clean-up within its first year in office.
However, 16 months into the current administration, many affected customers say there is still no clear plan or timeline for compensation.
The Finance Minister’s remarks have since triggered criticism from some aggrieved investors, particularly customers associated with Gold Coast Fund Management.
Convener of the Aggrieved Customers of Gold Coast Fund Management, Charles Nyame, accused the government of failing to honour promises made to affected customers during the election campaign.
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