Over 500,000 CASLOC Members Threaten to Vote Against NPP Government Ahead Of December 7 Elections
Members of the Coalition of Affected Savings and Loans Customers (CASLOC) have issued a stern ultimatum to the government, demanding the release of their locked-up funds. The coalition, comprising depositors from 23 collapsed Savings and Loans companies, 347 Microfinance institutions, and 39 Microcredit institutions, held a press conference in Kumasi to voice their grievances.
CASLOC was formed in the wake of the Bank of Ghana’s financial sector cleanup in 2019, which resulted in the revocation of licenses for hundreds of financial institutions. The central bank estimated that over 3.3 million customers were affected by the collapse of these institutions.
Between 2019 and 2020, the government, through the Receiver, reimbursed over 2 million depositors, many of whom received their payments ahead of the 2020 general elections. However, CASLOC reports that more than 500,000 members are yet to receive their funds. The group claims payment ceased immediately after the 2020 elections, leaving hundreds of thousands of depositors without recourse.
The government has repeatedly stated that all affected customers have been reimbursed. President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, and former Parliamentary Finance Committee Chair Dr. Mark Assibey-Yeboah have all made public statements affirming that no outstanding payments remain.
CASLOC vehemently disputes these claims, insisting that over 500,000 members are still awaiting their locked-up funds.
During the press conference, the coalition reiterated its demand for immediate action, calling on the government to direct the Ministry of Finance and the Bank of Ghana to release the necessary funds to the Receiver for disbursement.
The coalition has given the government a one-week ultimatum to address their demands. Failure to do so, they warned, will result in their collective decision to vote against the New Patriotic Party (NPP) in the December 7 elections.
With over 500,000 members still aggrieved, the coalition’s threat could have significant implications for the upcoming elections. The press conference underscores growing frustrations among citizens over unmet promises and financial uncertainties stemming from the cleanup exercise.
CASLOC has urged the government to act promptly to resolve the issue and restore confidence among affected depositors.
