Choicenewsonline Your Choice Is Here
The Coalition of Affected Savings and Loans Customers (CASLOC) has issued a stern warning to the government, threatening to withdraw their electoral support in the upcoming December 7, 2024, general elections if their locked-up funds are not released within a week. The coalition, comprising over 500,000 members, held a press conference on Sunday, November 24, 2024, at the Kumasi Cultural Centre to outline their grievances.
CASLOC represents customers and depositors whose savings were affected by the Bank of Ghana’s financial sector cleanup in 2019. This exercise resulted in the revocation of licenses for 23 Savings and Loans companies, 347 Microfinance institutions, and 39 Microcredit companies, leaving over 3.3 million customers stranded.
While the government made payments to over 2 million affected individuals before the 2020 elections, CASLOC claims that approximately 500,000 members are yet to receive their funds. Efforts to retrieve the remaining monies have been met with delays and what the group described as “false claims” by government officials.
Claims of Full Payment Denied
During the press conference, CASLOC refuted recent statements by government officials, including President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, and Dr. Mark Assibey-Yeboah, a former MP and chairman of the Parliamentary Select Committee on Finance, who all claimed that all affected customers had been fully compensated.
CASLOC Secretary Ezekiel Annor Akagbo stated, “It is categorically false that all affected customers have been paid. As of today, over 500,000 of our members have not received their locked-up funds in full.”
Ultimatum to the Government
The coalition issued a one-week ultimatum to the government to direct the Ministry of Finance and the Bank of Ghana to release funds to the Receiver responsible for the collapsed financial institutions. They emphasized that failure to do so would result in their collective decision to vote against the ruling New Patriotic Party (NPP) in the forthcoming elections.
“Failure on the part of the government to adhere to this request will leave us with no other option but to vote against the government,” Mr. Akagbo warned.
Rising Frustration
Members of CASLOC expressed their frustration at what they perceive as neglect by the government. According to Maxwell Atabila Abanga, an executive member of CASLOC, the government’s failure to address the issue undermines its credibility and the trust of the affected customers.
Samuel Okyere, another executive member, added, “Our patience has been tested for too long. It is time for the government to act decisively to resolve this issue.”
A Call to Action
CASLOC has called on the media, civil society organizations, and other stakeholders to join in holding the government accountable. They believe their collective voice can ensure that justice is served for the thousands of families affected by the financial sector cleanup.
The press conference concluded with a strong appeal to the government to demonstrate goodwill by addressing their demands promptly to avoid the political repercussions.
For further inquiries, the leadership of CASLOC can be contacted through the following:
Ezekiel Annor Akagbo (0243874772 / 0200701020)
Maxwell Atabila Abanga (0243654072)
Samuel Okyere (0544951139)
Dominic Owusu Sekyere (0541377384)
The clock is ticking as CASLOC’s ultimatum looms, setting the stage for a potential showdown that could significantly impact the NPP’s chances in the December elections.
By Michael Debra (Obofour)
