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The Coalition of Affected Savings and Loans Customers (CASLOC) has issued a strong warning to the New Patriotic Party (NPP), threatening to vote against the ruling government in the December 2024 elections if their locked-up funds are not paid within a week.
At a press conference held on Sunday, November 24, 2024, at the Kumasi Cultural Centre, CASLOC leadership expressed their frustration with the government’s inaction regarding the payment of locked-up funds owed to over 500,000 affected customers.
These customers were victims of the 2019 financial sector cleanup, which saw the collapse of 23 Savings and Loans companies, 347 Microfinance institutions, and 39 Microcredit firms, leaving millions of depositors in financial limbo.
Payments Halted After 2020 Elections
According to CASLOC, payments were made to over 2 million affected customers before the 2020 elections. However, these payments abruptly stopped after the elections, leaving over 500,000 members without their funds.
CASLOC Secretary Ezekiel Annor Akagbo accused the government of using their plight for political gain in 2020 and abandoning them thereafter.
“We feel betrayed by the NPP government. They gave us hope and used our struggles to win votes, only to turn their backs on us after the elections,” Mr. Akagbo lamented.
False Claims of Full Payment
The coalition also refuted claims by President Nana Addo Dankwa Akufo-Addo and other government officials that all affected customers had been fully compensated. CASLOC described these statements as misleading and disrespectful to the thousands of customers still awaiting their funds.
“We categorically state that over 500,000 of our members remain unpaid. The government must stop spreading falsehoods and take immediate action to address this issue,” Mr. Akagbo added.
Electoral Consequences
CASLOC warned that the government’s failure to meet their demands would result in significant political consequences. The group vowed to mobilize their members, along with their families and sympathizers, to vote against the NPP in the December elections.
“Our votes are our voice, and we will use them to hold the government accountable for neglecting us,” said CASLOC Executive Member Maxwell Atabila Abanga.
Ultimatum Issued
The coalition has given the government a one-week ultimatum to direct the Ministry of Finance and the Bank of Ghana to release funds to the appointed Receiver. The Receiver, they argue, must be empowered to pay the remaining affected customers immediately.
“We have waited for far too long. This is our final warning to the NPP government,” stated CASLOC Executive Member Dominic Owusu Sekyere.
Calls for Accountability
CASLOC called on civil society organizations, media houses, and other stakeholders to support their cause and pressure the government to act swiftly. The coalition believes that addressing their grievances is not only a financial matter but a moral responsibility to restore public trust in governance.
A Test for the Government
With the December elections fast approaching, the government faces increased scrutiny over its handling of the financial sector cleanup fallout. CASLOC’s ultimatum adds to the mounting pressure on the NPP to resolve this longstanding issue and avoid alienating a significant portion of the electorate.
For further information, CASLOC leaders can be reached at:
Ezekiel Annor Akagbo (0243874772 / 0200701020)
Maxwell Atabila Abanga (0243654072)
Samuel Okyere (0544951139)
Dominic Owusu Sekyere (0541377384)
Conclusion
As the ultimatum looms, all eyes are on the government to see if it will act to resolve the issue or risk losing the trust—and votes—of over 500,000 aggrieved customers and their allies. The outcome could have significant implications for the NPP’s performance in the 2024 elections.
By Michael Debra
