CASLOC threatens to vote against NPP over unpaid deposits

The Coalition of Affected Savings and Loans Customers (CASLOC) is demanding urgent action from the Ghanaian government to release locked-up funds from collapsed savings and loans companies. The group, representing over 500,000 depositors, claims that despite government assurances, many have yet to receive their payments.

The crisis has been ongoing since 2019, with 23 savings and loan companies, 347 microfinance institutions, and 39 microcredit institutions collapsing. While the government has reimbursed over 2 million depositors, the coalition alleges that payments stopped abruptly after the 2020 elections.

The group's secretary, Ezekiel Annor Akagbo, dismissed government claims that all affected customers have been paid during a news conference in Kumasi on Monday on November 25.

With Ghana's presidential elections just around the corner, the coalition's ultimatum has significant implications. If their demands are not met within a week, they threaten to mobilize their families and communities to vote against the ruling New Patriotic Party.

“We are calling upon the government to instruct the receiver to release whatever fund is left to the receiver to use it to pay the rest of us. Because anytime the government is talking on campaign platforms or wherever what we hear and what they have been saying is that everybody has been paid. But look, those of us standing here have not received anything.

“We have our members cut across the entire 16 regions of Ghana. Mind you, the number of institutions that collapsed was over 300, and the customers were over 3.3 million. And those that have been paid are a little over 2 million.

“And those left are over 500,000. So we are giving the government a one-week ultimatum that by the end of this week if we don’t receive our payments, we are going to vote against the government,'' he stated.

Source: Lead News Online