The Coalition of Affected Savings and Loans Customers (CASLOC) has issued a strong ultimatum to the government, demanding the release of their locked-up funds.
Ezekiel Annor Akagbo, Secretary of CASLOC, addressing the media at a press conference held in Kumasi, where the group voiced their frustrations and issued a call to action.
CASLOC was established following the Bank of Ghana’s 2019 financial sector cleanup, which resulted in the revocation of licenses for hundreds of financial institutions, including 23 Savings and Loans companies, 347 Microfinance institutions, and 39 Microcredit institutions. The cleanup exercise affected an estimated 3.3 million customers.
Ezekiel Annor Akagbo explained that while the government, through the Receiver, reimbursed over 2 million depositors between 2019 and 2020, more than 500,000 CASLOC members are still waiting for their funds. He noted that many payments were made in the lead-up to the 2020 general elections but ceased immediately afterward, leaving a substantial number of depositors without recourse.
Government officials, including President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, and former Parliamentary Finance Committee Chair Dr. Mark Assibey-Yeboah, have consistently claimed that all affected customers have been reimbursed. However, Akagbo and CASLOC dispute these assertions, insisting that significant amounts remain unpaid.
Ultimatum and Threat
During the press conference, Ezekiel Annor Akagbo emphasized that CASLOC members are losing patience and are prepared to take drastic measures if their demands are not met. He called on the government to immediately direct the Ministry of Finance and the Bank of Ghana to release the necessary funds to the Receiver for disbursement to affected depositors.
CASLOC has given the government a one-week ultimatum to address the issue. Failing this, the group has vowed to mobilize its over 500,000 members to vote against the New Patriotic Party (NPP) in the upcoming December 7 elections.
“The government has not lived up to its promises,” Akagbo stated. “Our members are resolute. If the funds are not released within the stipulated time, we will exercise our democratic right to hold the government accountable at the polls.”
Implications
With over half a million aggrieved members, CASLOC’s threat poses a serious political challenge for the NPP government ahead of the elections. The coalition’s ultimatum highlights growing frustrations among citizens over unmet promises and lingering financial uncertainties stemming from the financial sector cleanup exercise.
Ezekiel Annor Akagbo called on the government to act swiftly, stating that resolving the issue would not only restore confidence among depositors but also reaffirm the government’s commitment to justice and economic stability.
Source: www.kumasimail.com
