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Gold Coast investors want the full GH¢3.5 billion back!

September 13, 2024

Ah, Friday. The Beyoncé of weekdays. But why does it always feel like an ‘ends in tears’ type of moment? Like, yeah, it’s the last day of the workweek (bless), but it also means it’s the last time we’ll slide into your inbox until next week. Bittersweet, innit? But hey, you made it to the end of the week, so it’s only right we bring you some good vibes to send you off into the weekend. So, what’s popping?

  • National: Banning mining? Deputy minister says, 'Nah fam, that’s not the move!'

  • Politics: Pius Hadzide promises World Cup trip, NDC says “for where?”

  • Politics: EC to NDC: Stop shouting about the Voters’ register and come let’s talk, fam.

  • Politics: Awutu Senya West NDC officer found himself in some hot pepper after a poster-pulling party goes sideways.

  • Fact of the Day: You know that wild pain you get after devouring ice cream? Yeah, that’s not just brain freeze—it has a bougie scientific name!

  • National: Aggrieved Gold Coast Fund customers just got a bailout, but they’re still side-eyeing the government for the full coin.

  • National: Ghana’s rent control goes digital, promising smooth vibes for landlords and tenants nationwide.

  • National: GUTA’s giving Akufo-Addo one last challenge: wrap up this galamsey drama before you exit the stage!

  • Economic: The SEC says: "Go ahead, dabble in crypto, but don't come crying to us if it crashes.

  • Politics: Break the '8' or break galamsey? Gotta pick one, says Enimil Ashon.

QUICK BYTE

  • So the government’s finally released GH¢1.5 billion to the Aggrieved Gold Coast Fund customers, and while they're not out here throwing parties, they’ve accepted it...for now. The cash, meant to ease their six-year headache after the fund management company's collapse, is coming in three batches. But trust, these customers are not satisfied. Their leader, Charles Nyame, made it clear: “It’s a start, but we want the full GH¢3.5 billion, ASAP!” Get full scoop in the Deep Dive section.

  • Some people want the government to ban all small-scale mining ‘cause, you know, water bodies and the environment are getting wrecked by illegal miners. But Deputy Minister George Mireku Duker? He’s not feeling it. Want the deets in full? Check out the Deep Dive section.

  • The Awutu Senya West NDC Communications Officer, Cassius Otoo Larbi, got himself remanded for doing the most — pulling down posters of the NPP’s Eugene Arhin like it was some street art competition. What’s wild is, it wasn’t just about the posters; he also allegedly hit an extra level by threatening the guy who caught them in the act. Now he’s chilling in police custody, waiting for his next court date. Get the 411 in the Deep Dive section below

  • You’re at a group project meeting, and one guy is straight-up throwing a fit about the work being wrong. But when everyone’s like, “Yo, what’s wrong? Show us the mistakes,” he’s just like, “Nah, I’ll just keep shouting!” That’s the energy the EC feels coming from the NDC right now. The Electoral Commission is out here practically begging the NDC to share the deets on what’s wrong with the 2024 voters' register. Read more

  • So, Pius Hadzide, the CEO of the National Youth Authority and the NPP's candidate for Asuogyaman, just told folks he’ll send their kids to the 2026 World Cup if they elect him. Well, the NDC is not having it. They’re all like, “Wait, isn’t this the same dude who got caught up in the 2017 Australian Visa scandal?” They think Hadzide’s past should disqualify him from making any travel promises—They also want Hadzide out of office ASAP and are pushing for him to be prosecuted. Read more

FACT OF THE DAY

❝

That pain you experience in your forehead when you eat something cold, that’s brain freeze is scientifically known as sphenopalatine ganglioneuralgia (I know, sounds like a Hogwarts spell or something)!
Now, try saying that 5 times fast, let’s see something.

  • Say goodbye to those frustrating back-and-forths with Rent Control! The old system, bless its heart, was as slow as a buffering video on 2G. But now, with the help of tech gurus, Ghana's Ministry of Works and Housing has just leveled up with the launch of a digital platform for landlords and tenants to sort their rent drama online—making life easier for everyone involved. And with 15 Rent Control offices in 11 regions already digitized, this new platform is a game-changer, especially for folks living in smaller towns where accessing rent services used to be a whole journey - expect quicker resolutions, fewer delays, and way less stress. So whether you’re hustling in Accra or chilling in a quiet corner of Ghana, rentcontrol.mwh.gov.gh is now your go-to for rent disputes, landlord-tenant issues, and everything in between. Read more

  • President Akufo-Addo is chilling in his office, counting down the days to retirement, when GUTA suddenly slides in with the big ask—“Hey Prez, can you, like, end galamsey before you leave?” They are saying if Akufo-Addo pulls this off, he’ll leave behind a legacy smoother than your fav Spotify playlist. Dr. Joseph Obeng, GUTA’s president, was like “we’re talking too much! Time to walk the talk.”After all, who doesn’t want a happy ending where the villain gets defeated and the people cheer, right? Read more

  • Enimil Ashon just dropped a spicy take on how to end galamsey, and it’s not through press releases or emotional appeals. According to him, the only way to make the government act is to threaten their dream of “Breaking the 8.” Basically, if the NPP gets a wake-up call that the votes might not swing their way, we’ll see some serious galamsey crackdowns.

    But hey, he’s not just pointing fingers at NPP. John Mahama’s promises to coddle galamseyers don’t sit right either. Ashon’s like, “Just tell these guys votes are at stake, and watch them move. Read more

  • You're vibing with your crypto wallet, thinking you're on top of the next big thing. But, the SEC? They’re sitting back, sipping their tea, and reminding you that the crypto world in Ghana is still the Wild West. Rev. Daniel Ogbarmey Tetteh, the SEC Director, hopped on Joy News and basically said, "Look, we’re not against crypto, but we’re not diving in headfirst either." In fact, they’ve been telling us since 2019, “If you dabble in crypto, you’re pretty much solo dolo.” Yup, all those digital coins? You lose 'em, don’t expect SEC to save you. Read more

DEEP DIVE

“Nah fam, that’s so not the move.”

Duker’s not denying that illegal mining is causing some serious damage. I mean, we’ve all seen those sad, muddy rivers that look like chocolate milk gone wrong. But according to Duker, banning mining altogether is like quitting your job because one person gossiped about you in the break room. Instead, he’s pushing for responsible mining, where people play by the rules, and water bodies don’t have to look like they just survived a mudslide.

Now, you’ve got organizations like the Ghana Medical Association and labor unions pulling up with demands for an immediate mining ban. And while their concerns are valid—no one’s trying to swim in a river that looks like it could star in a horror film—Duker’s like, “Hold up. Maybe we should calm down and think this through.” He’s suggesting that instead of going nuclear with a ban, we should crack down on the illegal miners while letting the good guys keep doing their thing. Kinda like cutting off toxic friends but keeping your ride-or-die crew intact.

To prove he’s serious, Duker’s even assembling river guards to protect the environment. Read more

Removing posters can get you in a sticky situation

So if you were walking around Awutu Senya West the other day and you spotted some guys going all Ninja Warrior on political posters, pulling them off like they’re winning some secret prize. Well, turns out, Cassius Otoo Larbi, the NDC’s Communications Officer, was part of that crew, and let’s just say, his poster-removal skills earned him a trip straight to court.

Apparently, it wasn’t just a simple poster swap. An eyewitness caught Cassius and his two friends mid-poster-swipe and told them to chill. Now, instead of giving a polite "sorry, bro," these guys allegedly hit back with some not-so-nice words, promising to "deal with him." Yeah, they went full villain mode.

Meanwhile, MP Gizella Tetteh is sipping her tea, calling this whole thing petty. She’s like, “Fam, even my posters got ripped off — are we really making a federal case out of this?” But the District Chief is standing firm, saying it's more about threats than posters. He’s like, “This isn’t just arts and crafts time. We’ve got rules, people.”

To add more spice, it turns out this isn’t Cassius’ first rodeo. Apparently, back during the Awubia Festival, he and his crew cranked up the volume on some tunes to mess with Vice President Bawumia’s speech. So, it’s safe to say Cassius is no stranger to shaking things up. Now, he’s just gotta ride out his five-day remand and see how this poster drama plays out. Read more

Aggrieved Gold Coast Customers Say ‘Thanks, But More Please!’"

After six long years, the government finally said, "Alright, here’s GH¢1.5 billion to hold you over," and while the Aggrieved Gold Coast Fund customers aren’t exactly jumping for joy, they’re saying, "We’ll take it... for now." Charles Nyame, the spokesperson for the group, made it clear that this is far from the happy ending they’ve been waiting for, but it’s a start. Kinda like getting a small pizza when you ordered the extra-large. Sure, it fills the stomach, but you’re still eyeing the bigger slice.

Let’s not forget the context here: six years have passed since the Gold Coast Fund did a disappearing act with people's hard-earned investments. In that time, the value of the investments has shrunk faster than your jeans after one wash, and while GH¢1.5 billion is a nice gesture, it’s far from the full GH¢5 billion that these customers are waiting on. For many, this is about survival — people have medical bills, family obligations, and everyday costs piling up. So, when the Securities and Exchange Commission announced the phased payment plan, it was like giving water to someone in a desert — helpful, but not enough to quench the thirst.

Nyame is rallying the troops, urging them to stay calm and not get it twisted: nobody’s getting less than GH¢50,000 in this round. But you know what they say, once bitten, twice shy. The customers are watching closely to make sure the next two tranches — especially the one in December — actually hit their accounts. If this cash doesn’t come through, the frustration might bubble over faster than a pot of water on high heat. Read more

NEWS SOURCES

Today’s stories are curated from: