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Members of the Coalition of Affected Savings and Loans Customers (CASLOC) have issued a stern warning to the government, demanding the release of their locked-up funds from collapsed financial institutions.
At a press conference in Kumasi on Monday, November 25, the group revealed that over 500,000 depositors are still awaiting reimbursement, despite claims by the government that all affected customers have been compensated. CASLOC represents depositors from 23 savings and loan companies, 347 microfinance institutions, and 39 microcredit institutions that collapsed during the financial sector clean-up between 2019 and 2020.
The government, through the Receiver, reimbursed over 2 million depositors ahead of the 2020 general elections. However, CASLOC asserts that payments stopped after the elections, leaving more than 500,000 depositors without their funds.
Ezekiel Annor Akagbo, CASLOC’s secretary, dismissed the government’s repeated claims that all customers have been paid, labeling them as untrue.
“We are calling upon the government to instruct the Receiver to release whatever fund is left to pay the rest of us. What they have been saying on campaign platforms—that everybody has been paid—is false,” Akagbo stated.
He emphasized that affected members are spread across all 16 regions of Ghana and represent a significant portion of the population, many of whom are yet to receive any reimbursement.
CASLOC has given the government a one-week deadline to address their demands. If no action is taken, they plan to mobilize their members, families, and communities to vote against the New Patriotic Party (NPP) in the December 7 elections.
The coalition underscored the urgency of their situation, highlighting the financial and emotional toll the delayed payments have had on their members.
This development raises political stakes as affected customers threaten to withhold their support for the ruling party if their grievances remain unresolved.
