Some residents of the Upper East Region, who say it has been impossible to retrieve their investments since some banks collapsed in Ghana after the New Patriotic Party (NPP) returned to power in 2017, have launched a joint protest against the government, describing it as evil.
The disappointed depositors, who say they are more than 2,500 in number, did not declare as to which of the political parties they would vote for with the general elections just five months away. But they announced the party they would vote against at the upcoming polls at all costs— the governing party.
A banner bearing their name— Coalition of Aggrieved Customers of Collapsed Banks— hanged boldly in the background as they vented their wrath on the government on Tuesday at a news conference held in Bolgatanga, the Upper East regional capital.
“Today, the government is saying it cannot pay us, so they have issued a 5-year bond for our locked-up deposits. We have to wait for the five years to receive our money back! What sort of wickedness is this? How can you take someone’s money for five good years and say you would not add interest to the money? When many of us, depositors, agitated by refusing to wait for 5 years but want our money now, the government tells us to take the 5-year bonds to the Consolidated Bank of Ghana (CBG) who will discount the bonds by 50% of the face-value amount of the bond and pay that to us immediately whilst we forfeit or forgo the remaining 50% of the bond value which the CBG will keep. God! This government is not only wicked but they are recklessly cruel as well.
“We want the government to understand that we didn’t force them to collapse any bank or financial institution. They took the decision on their own perhaps borne out of cruelty, witchcraft and greed or, better still, grand deception! We are encouraging all our over 2,500 members in Upper East and, by extension, all depositors in the country who have their monies locked up in these collapsed banks [and] microfinance and savings loans companies to defy the consequences of COVID-19 and join the queues, no matter the restrictions you may encounter, [and] get registered to be able to vote against the government who have decided to make our lives miserable by withholding our hard-earned money. Nobody should expect us victims of this government’s wickedness in the financial sector to turn around and praise the same government that has rendered our lives miserable,” the coalition said in a statement read by a representative, Justina Achana.
Agitated customers to besiege Jubilee House
The conference also saw the angry-looking investors strongly announce they would march to Accra and lay siege to the Seat of Government, the Jubilee House, if the government failed to address their grievances within two weeks counting from the day the press confab was convened.
“Many of our businesses have collapsed. We have lost our loved ones who died from the shock and pain of losing their lifetime investments and savings, and many could not pay their medical bills for surgeries that could have otherwise saved their lives. A good number of us with underlying debilitating health conditions could not cope with the financial pressures associated with healthcare costs and many have lost their lives. Our wives have deserted us and have taken our children to other men because we could not properly take care of them and our marital responsibilities with dignity as fathers and husbands anymore. Most women among us are facing wretched lives as well.
“We want to use this medium to serve a two-week ultimatum to the government to initiate alternative plans to pay all depositors our monies as soon as possible! Certainly, we cannot wait for five years to be shortchanged when the value of our deposits will lose value because no interest is accruing on it. If after two weeks we don’t receive any favourable revised payment plan from the government to refund and pay us all monies, we shall besiege the Jubilee House and ‘occupy’ it till they pay us our money. We shall not leave the Jubilee House until every single one of us is paid. We have duly served our notice. May the officials who have ears listen. This is not a threat. We are not in normal times. If anyone attempts to mess with us, we will mess with the person, too,” the statement said.
Some of the distressed depositors took turns in front of news cameras and recorders without hesitation to share with the press stories about their hardships relating to the locked-away savings.
By Edward Adeti, Upper East Region, Daily Mail GH
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