Over 500,000 CASLOC Members Threaten to Vote Against NPP in Upcoming Elections
Over 500,000 CASLOC Members Threaten to Vote Against NPP in Upcoming Elections
- Members of CASLOC have issued a strong ultimatum to the government
- They are demanding the release of their frozen funds.
- The coalition reiterated its demand for immediate action
Members of the Coalition of Affected Savings and Loans Customers (CASLOC) have issued a strong ultimatum to the government, demanding the release of their frozen funds.
The coalition, representing depositors from 23 collapsed savings and loans companies, 347 microfinance institutions, and 39 microcredit institutions, held a press conference in Kumasi to express their frustrations.
Background
CASLOC was established following the Bank of Ghana’s financial sector cleanup in 2019, which led to the revocation of licenses for numerous financial institutions.
The central bank estimated that over 3.3 million customers were impacted by these closures.
Between 2019 and 2020, the government reimbursed over 2 million depositors, many receiving payments just before the 2020 general elections.
However, CASLOC claims that more than 500,000 members have yet to receive their funds, asserting that disbursements stopped following the 2020 elections, leaving many without resolution.
Despite government assertions that all affected customers have been compensated, with statements from President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, and former Parliamentary Finance Committee Chair Dr. Mark Assibey-Yeboah affirming there are no outstanding payments, CASLOC strongly disputes these claims.
During the press conference, the coalition reiterated its demand for immediate action, calling on the government to instruct the Ministry of Finance and the Bank of Ghana to release the necessary funds to the Receiver for disbursement.
CASLOC has given the government a one-week ultimatum to meet their demands. If these issues are not addressed, they warn they will collectively vote against the New Patriotic Party (NPP) in the December 7 elections.
With over 500,000 members still dissatisfied, the coalition’s threat could significantly impact the upcoming elections. The press conference highlights rising frustrations among citizens regarding unmet promises and financial instability resulting from the cleanup efforts.
CASLOC has urged the government to take swift action to resolve the issue and restore confidence among affected depositors.
