Govt lacks funds to compensate locked-up investments – Ato Forson

Finance Minister Cassiel Ato Forson says government currently does not have the financial capacity to compensate customers whose funds remain locked up in collapsed financial institutions.

Speaking on JoyNews' PM Express, Dr Forson questioned whether the state should continue taking responsibility for liabilities arising from privately managed financial institutions.

“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 said.

“In fact, we do not even have the money to do that,” he added.

His comments come despite campaign assurances by John Dramani Mahama ahead of the 2024 elections that an NDC government would reimburse victims of the financial sector clean-up within its first year in office.

Sixteen months into the administration, many affected customers say there is still no clear roadmap for compensation.

The remarks have drawn criticism from some affected investors, including customers linked to Gold Coast Fund Management.

Convener of the Aggrieved Customers of Gold Coast Fund Management, Charles Nyame, accused the government of abandoning promises made during the election campaign.