The Coalition of Aggrieved Fund Management Customers (CAFMC)  has appealed to the government for support. The kind of support they are asking is that they are included in the government Stimulus Package earmark for businesses and households in the wake of lockdown occasioned by coronavirus.

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“CAFMC hereby petition His Excellency the president of this republic, Nana Addo Dankwa Akuffo Addo to come to the aid of the thousands of pensioners (aged) and vulnerable customers under the collapsed 53 Fund Management companies who are currently suffering due to the lockdown in Accra, Kasoa and Kumasi.

“That government should extend the recently announced relieve package amidst the fight of COVID-19 which sought to provide support to the vulnerable in our society to the customers of the 53 collapsed fund management companies, especially the pensioners, the homeless, the physically challenged, widows and persons with underlining health conditions,” the petition said.

“The “epidemic” (our locked-up funds) we are faced with as pensioners are even worse than the COVID-19 pandemic.”

In their submission, they explained that there are pensioners, sick people, widows, etc. among them whose needs worsen as a result of the necessary lockdown and so there is the need for government to consider them in the package. These types of customers of defunct fund management companies invested in these government-approved companies with the intent of accruing dividends to meet their needs when they are old or the need arises.

President Nana Akuffo Addo

Additionally, they are requesting President Nana Addo Danquah Akufo Addo to pay set some money aside to pay the customers of these defunct management companies to alleviate them of their current depressing financial plight.

Below is the content of their Petition to the government:

Coalition of Aggrieved Fund Management Customers
(CAFMC) P.O.Box MP 1483, Mamprobi-Accra
Phone: 0244478569 /0247222613 Email: aryeetey.joseph2@gmail.com

14th April, 2020

PRESS RELEASE BY THE COALITION OF AGGRIEVED CUSTOMERS OF THE COLLAPSED 53 FUND MANAGEMENT
COMPANIES
SUBJECT: THE MISERY AND PAIN OF PENSIONERS (AGED) & THE VULNERABLES IN OUR SOCIETY DUE TO THE
RECENT LOCKDOWN IN ACCRA & KUMASI
The Coalition of Aggrieved Fund Management Customers (CAFMC) hereby petition His Excellency the president of
this republic, Nana Addo Dankwa Akuffo Addo to come to the aid of the thousands of pensioners (aged) and
vulnerable customers under the collapsed 53 Fund Management companies who are currently suffering due to the
lockdown in Accra & Kumasi. It is interesting to note how the recent lockdown in Accra and Kumasi has worsen and
aggravated the already deplorable living condition of pensioners (aged) and the vulnerable in our society whose
funds are locked-up with the 53 collapsed fund management companies. Our health and living condition have been
deteriorating daily to the point of death due to our inability to access our funds to meet our basic critical essentials
such as medicine and food. Majority of us with various health conditions such as diabetes, hypertension, prostate
challenges etc are currently bedridden with no help in sight while we have our fund locked-up with the various fund
management companies. It is very heart breaking to note that we were civil servants, security officers and traders
who toiled and laboured for this country and saved our meagre income with these government regulated investment
firms with the hope that we can access the money at our old age to support our critical needs, unfortunately our
hopes of securing our old age have been dashed due to the financial sector lean-up initiated by the current
government which resulted into the collapse of these 53 fund management companies in which we invested our
funds. It is therefore our plea that our president, His Excellency Nana Addo Dankwa Akuffo Addo will be touched by
the voice of conscience to empathize with fellow senior citizens of his age in helping mitigate our current sufferings,
hence we make the following petitions of his government:
 That government should extend the recently announced relieve package amidst the fight of COVID-19 which
sought to provide support to the vulnerable in our society to the customers of the 53 collapsed fund
management companies, especially the pensioners, the homeless, the physically challenged, widows and
persons with underlining health conditions. Since we form the majority of the vulnerable group in the
Ghanaian society today after our funds got locked-up since 2018.
 The government should with immediate effect release and disburse the 1 billion Ghana cedis relieve package
for depositors of the 53 collapsed fund management companies which was allotted and subsequently
announced by the finance minister during the presentation of the 2020 financial budget at parliament.
 Unlike our counterparts in the Savings and Loans & Microfinance sector who have either received part or all
of their funds, we are by this petition pleading with government to release our funds for us in these times.

Secretary: Joseph Aryeetey -0244478569 PRO: Charles Nyame -0247222613

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