- Government needs GH₵4.3 billion to settle claims from defunct fund management firms
- GH₵5 billion already disbursed to compensate some customers
- Delays due to legal challenges, including from Blackshield Capital
The Director General of the Securities and Exchange Commission (SEC), Dr. James Klutse Avedzi, has disclosed that the government needs GH₵4.3 billion to fully settle outstanding claims from customers of defunct fund management firms. This amount remains after the government had already disbursed GH₵5 billion to compensate some affected customers.
Dr. Avedzi shared this information on PM Express Business Edition with host George Wiafe on March 27, 2025. He explained that delays in settling the claims were partly due to legal challenges from some fund management firms, such as Blackshield Capital, which contested their liquidation in court.
He also revealed that, of the 108,000 investors identified during the audit, 80,000 have already received full payments. The government is working to resolve the remaining claims.
In 2019, the SEC revoked the licenses of 53 fund management firms to protect investors and ensure market integrity. Some of the affected firms included All Time Capital Limited, Apex Capital Partners, and Blackshield Capital Management. These firms collectively managed over 56,000 investors with a combined asset base of GH₵8 billion.
In 2024, the government launched a GH₵1.5 billion bailout, offering investors GH₵50,000 or 15% of their outstanding claims. This helped compensate 89% of individual investors and 82% of pensioners. Additionally, GH₵700 million was disbursed through GCB Capital to facilitate the payments.
Dr. Avedzi acknowledged that the 2025 Budget didn’t include funds for the remaining payments but expressed hope that the necessary funds would be secured during the Mid-Year Budget Review. He reassured the public that the government is committed to completing these payments due to their importance for market confidence.
Dr. Avedzi also warned that SEC would take strict action against any fund management firm that fails to comply with regulations, emphasizing the need to avoid a repeat of the issues that led to the liquidation of some firms.
