The Coalition of Affected Savings and Loans Customers (CASLOC) has issued a one-week ultimatum to the government, demanding the release of funds to settle outstanding payments for over 500,000 depositors whose savings remain locked up following the collapse of various financial institutions.

With the December 7, general elections looming, CASLOC members have warned that failure to fulfil this demand will prompt them to vote against the ruling New Patriotic Party (NPP).

CASLOC represents depositors from the 23 collapsed Savings and Loans and Finance House companies, 347 Microfinance institutions, and 39 Microcredit companies whose licenses were revoked by the Bank of Ghana in April and August 2019 as part of a financial sector cleanup.

Since then, CASLOC has pursued legal avenues to recover these funds, asserting that despite promises, many members remain unpaid.

In the initial compensation phase in 2019 and 2020, over two million affected customers received their locked funds, a significant portion occurring before the 2020 elections.

However, CASLOC claims that payments ceased after the elections, leaving over 500,000 depositors unpaid. Despite recent statements from key government figures—including President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, and former Finance Committee Chair Dr. Mark Assibey-Yeboah—asserting that all affected customers have been fully compensated, CASLOC categorically disputes this.

“We want to clarify that not all affected customers have been paid in full,” stated CASLOC Secretary Ezekiel Annor Akagbo.

"More than 500,000 customers are still awaiting their funds."

In their statement, CASLOC has demanded that the government instruct the Ministry of Finance and the Bank of Ghana to immediately release the necessary funds to the appointed Receiver to complete the outstanding payments.

They have warned that if their demand is not met within a week, they will mobilize against the NPP in the December elections.