Over 20,000 frustrated customers of First Fund, an investment scheme once managed by the now-defunct First Banc Financial Services, are threatening to embark on a mass protest if the Securities and Exchange Commission (SEC) fails to facilitate the release of their GH¢170 million locked-up cash within two weeks.
Six years after SEC revoked First Banc’s license in 2019, investors say they are still unable to access their savings, despite repeated assurances and the appointment of three different fund managers to oversee repayment.
A Cycle of Failed Fund Managers
The SEC initially appointed TTL to manage First Fund, but the firm failed to make any disbursements. Later, OctaneDC took over but also did not return investor funds. The current manager, SEM Capital Advisors, is still reconciling accounts, further delaying payouts.
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This repeated cycle of delays has sparked anger among investors, who believe accountability is being ignored.
“If you take a critical look at the report issued by OctaneDC, it clearly specifies where some of our funds were invested, and yet the board of First Fund cannot account for these funds. What is even worrying per the report is that a commercial paper investment totaling GH¢36 million cannot be accounted for,” said Johnny Kwabena Nketiah, co-convener of the aggrieved investors.
Protest Looms
Mr. Nketiah warned that the group will hit the streets if SEC does not act swiftly, calling the situation “a serious question of transparency and accountability.”
“Our customers need the money. Letters we have written to SEC and the Company Board have proven futile. The Board doesn’t care about us. No one knows where the money is although we understand some are in active accounts. The only language they understand is demonstration. If nothing changes in two weeks, we will protest,” he told Citi Business News.
The group also plans to petition Finance Minister Dr. Cassiel Ato Forson, while appealing directly to President John Dramani Mahama for a government bailout to safeguard their funds.
Lingering Crisis in Ghana’s Capital Markets
The First Fund standoff highlights lingering cracks in Ghana’s financial sector, years after the banking and fund management clean-up that wiped out dozens of firms.
Analysts warn that if the government and regulators fail to resolve the issue, investor confidence in Ghana’s capital markets could take a lasting hit, making it harder for ordinary citizens to trust investment schemes in the future.
Source: Accra Street Journal
Last Updated on August 27, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
