“Unveiling the Truth: Joe Ghartey Committee Submits BlackShield Capital Report to Parliament”

The Hon. Joe Ghartey-led Committee on the Blackshield Capital Limited’s customers locked funds has submitted its report to Parliament.

The 50-page report was submitted to Parliament with several findings and recommendations.

According to the report, “the total number of claims filed against Blackshield as of January 4th, 2024, is 89,632”.

The report added that “As stated in the SEC’s press statement dated October 11, 2023, the partial bailout of up to Ghc 50,000 paid to customers of Blackshield in 2020 resulted in 61,504 claimants (69%) being fully settled, leaving a total of 26,128 clients yet to be fully settled.”

The Committee however observed that a total of 89,632 claims were submitted against Blackshield, with an estimated value of Ghc 5.14 billion.

Recommendations

Meanwhile, the Committee recommended among other things that “Government should make good on its indications and make payments that will bring relief to the investors.”

It further recommended that “in making payments to the investors whilst the court cases are still pending, the interest of the investors in their respective investments should be assigned to the Government to the extent of the payments made of them.”

The Committee stated that it could grant the relief that the Petitioners were seeking, that is to
compel Government to pay the investors because Government had made an allocation in the 2024 Budget as well as the Mid Year Statement made by the Minister of Finance. The Committee pointed out that there is a difference between allocating an amount in the budget and disbursement of an amount. The Committee took the position that Parliament did not have the power to compel Government to make disbursements form the Budget.

• Parliament adopts recommendations *
  The recommendations made by the committee have been adopted by Parliament.

Presenting the report to Parliament, Hon. Ghartey also recommended the need for all persons undertaking such transactions like Blackshield Capital Limited’s customers to subscribe to insurance schemes.

The Committee noted that Government could not continue to be the ultimate or final guarantor of all final transactions and the answer to this burden
that kept on being imposed on Government and by extension the taxpayer was insurance.

After reading the report and listening to Hon. Ghartey’s presentation, the Speaker of Parliament, Rt. Hon. Alban Bagbin, expressed his profound satisfaction with the quality of work done by the Committee.

According to the Speaker, “this report is so extensive, very clear and well argued out” and this is the kind of work we expect from all committees, adding that “I think I am satisfied with the quality of the report.”

Background

It will be recalled that over 60,000 customers of Blackshield Capital Limited petitioned Parliament through Hon. Mahama Ayariga to investigate and establish what has accounted for Government’s failure to pay their (customers) funds.

The members of the Committee are Hon Joe Ghartey (Chairman), Hon Nii Lantey Vanderpuye, Hon Kwasi Ameyaw-Cheremeh, Hon Gizella Tetteh-Agbotui and Hon Benjamin Yeboah Sekyere.