The Coalition of Affected Savings and Loans Customers (CASLOC) has issued a firm ultimatum to the government, demanding the release of their unpaid funds.

Speaking at a press conference in Kumasi on Monday, November 25, the coalition—comprising depositors from 23 collapsed savings and loans companies, 347 microfinance institutions, and 39 microcredit firms—revealed that over 500,000 members are still awaiting reimbursement for their locked-up investments.

Between 2019 and 2020, the government, through its appointed Receiver, reimbursed more than two million depositors, many of whom were paid in the lead-up to the 2020 general elections. However, CASLOC claims that over half a million affected customers remain unpaid, despite the government’s assurances that all depositors have been compensated.

The group alleges that payments ceased immediately following the 2020 elections, leaving many depositors stranded without their due funds. They have refuted the government’s repeated claims of full reimbursement, calling these statements misleading and untrue.

With mounting frustration, CASLOC has given the government a one-week deadline to address their demands. They warn that failure to resolve the matter will lead them to mobilize their families and communities to vote against the ruling New Patriotic Party (NPP) in the upcoming December 7 elections.

Ezekiel Annor Akagbo, the secretary of CASLOC, rejected assertions by government officials that all affected customers have been paid. He urged the government to direct the Receiver to release the remaining funds to settle outstanding payments.

“Whenever the government speaks on campaign platforms, they claim that all depositors have been reimbursed, but the reality is different. Many of us here have not received a penny,” Akagbo said.

He emphasized the widespread nature of the issue, noting that CASLOC members are drawn from all 16 regions of Ghana. He highlighted that more than 3.3 million people were impacted by the collapse of over 300 financial institutions, with just over two million receiving payments so far.

“Over 500,000 customers are still unpaid,” he added. “We are giving the government until the end of the week to address this issue. If our payments are not made, we will make our voices heard by voting against the government.”

Source: TheDotNews