Gold Coast Holdings Discontinues Sale Of SF Products

Gold Coast Holdings is discontinuing the sale of its structured Finance (SF) products effective 22nd October 2018.

This follows a directive by the industry regulator, the Securities and Exchange Commission (SEC) directing all SF related products which guaranteed return on investments to no longer be offered by Fund Managers across the country and such positions closed by 31st December 2018.

Gold Coast Holdings however assured that its management has put in place best measures to ensure that all existing customers of its SF products, do not lose a penny of their investments made so far.

“We wish to inform all our customers that your funds are safely invested mostly in medium and long term government of Ghana infrastructure projects, in addition to other viable projects,” a statement from the company copied to Citi Business News said.

“To enable us continue with our investments and given the gestation period of the investments made, we will enter into a “Discretionary Fund Management Agreement” with our clients for a three-year period, within which, all monies would have been completely refunded,” it added.

According to the company, the three-year payment window as proposed, will enable it to complete  its reconciliation exercise for the entire SF portfolio, reconcile all accounts to give appropriate value to all investment placements, and disinvest all the investments they have made in this portfolio in order to make payments to all investors.

The payout phase within the three-year period will officially begin on March 1, 2019 and will continue on a quarterly basis from thereon until the three-year period is exhausted.

“Kindly note that this arrangement does not suggest that payments will be made after three years or in three years. Instead, payments to all clients will be completed within the three-year period’.

“Due to the premium we place on our customers and their funds invested through us, we have assigned to each customer, an Investment Advisor, to assist in managing client portfolio and work with  clients during periods of emergencies with the aim of meeting clients’ unique needs as much as possible”.

The company clarified that “that the directive from SEC does not affect our alternative investment products such as the Gold Fund Unit Trust (GFUT) which is currently the best equity fund in the country with a year to date performance of 19.62% and Gold Money Market Fund (GMMF) our fixed income fund which has a year to date performance of 15.97%. The remaining products are Provident and Pension Funds, Stock Trading and Government Treasury Bills”.