The Amalgamated Mutual Fund

The Amalgamated Mutual Fund


The Amalgamated Mutual Fund (AM Fund) is an open-ended collective investment scheme set up by GCB Capital Limited (GCL) with funding from the Government of Ghana. It is a Special Purpose Vehicle (SPV) to implement a Bailout Programme for investors whose funds were locked up with defunct Fund Management Companies (FMCs). Membership of the Fund is open to validated former clients of the defunct FMC’s. Investors receive pro-rata shares of their validated claims in either one or both tiers of the Fund. Investors have GCB Bank accounts opened for them into which cash redemptions are paid .


The Securities and Exchange Commission (SEC), acting in accordance with the Securities Industry (SIA) Act 929, revoked the licenses of 53 FMCs ( 3 of them subsequently reinstated) in November 2019 as a result of several infractions by the FMC’s. This was part of the financial sector clean-up following the inability of these FMCs to make full payments to their clients (investors) for extended periods of time as well as other breaches of the SIA.

The official liquidator (Registrar-General) was thus required by law to oversee  the dissolution of the affected firms and ensure payments to their creditors (including investors) from recoveries of assets, if any. However, considering the lengthy processes involved, and the fact that there is no guarantee that sufficient recoveries would be made in the end to pay affected investors, Government decided to intervene on humanitarian grounds in July 2020 with a bailout programme through the mechanism of a mutual fund to alleviate the plight of the investors.

Thus, GCB Capital Limited incorporated the Amalgamated Mutual (AM) Fund PLC in August 2020 to facilitate the implementation of the programme. Under the Programme, investors will assign their claims against the defunct FMCs to The AM Fund which will allow them to access the bailout intervention by subscribing for shares in the Fund, up to the value of their validated claims.

This Bailout Programme is optional. Investors who choose not to participate in the Programme may remain with the Official Liquidator for proceeds of liquidation of their defunct FMCs in due course.

The AM Fund currently operates two schemes: Full Bailout (for former clients of collapsed FMCs for which the Official Liquidator has obtained liquidation orders
from the court) and Partial Bailout (for former clients of collapsed FMCs which are still in court). Cash payments as well as allocation of shares under both schemes
are ongoing, and Government has committed sufficient funding instruments to cover all validated claims.

About The Fund

Full Bailout Scheme
The Full Bailout scheme is the mainstream bailout programme. Payments under this scheme commenced in October 2020. To date, 7,470 persons have been paid under this scheme, with a total value of GHS861.15 million. The mainstream AM Fund has two components: Tier 1 allows for immediate cash withdrawals if desired; and Tier 2 is the long-term component with withdrawal restrictions over a defined period.

Individual investors aged 60 years and above, as well as hospitals, schools and faith-based organisations are permitted to cash out all their validated claim amounts through Tier 1 of the Fund. Financial institutions, associations, welfare funds, etc. are entitled to 50% of their validated claims in cash (Tier 1) with the remainder in Tier 2. Individuals below age 60 can access up to a maximum of either GHS70,000 or 20% of their validated claims, whichever is higher, in Tier 1, and the balance, if any, in Tier 2 of the Fund. All other claimants not categorized above receive 20% of their validated claims in Tier 1 and the balance in Tier 2. For all categories,redemptions from Tier 2 are scheduled to commence in October 2021

Partial Bailout Scheme

Per the original bailout programme, no payments could be made to investors with the FMCs who were still in court, including clients of Blackshield Fund Management (formerly Gold Coast Fund Management), the largest of the collapsed firms. Fortunately, Government decided to intervene again with a special arrangement to mitigate the peculiar difficulties faced by investors in this category, as there appeared to be no immediate end in sight for the court processes. This special intervention is the Partial Bailout scheme and involves the payment of up to GHS 50,000 per investor, pending the granting of liquidation orders by the court.

Validated claims above this capped amount, if any, would be paid under the Full Bailout scheme, when the courts eventually grant liquidation orders for the FMCs in scope. The Partial Bailout scheme commenced in December 2020, and to date 58,197 persons have been paid with a total sum of GHS 1.10 billion. This includes 47,909 persons (mainly former clients of Blackshield Fund Management) whose validated claims were GHS50,000 or less and have therefore been fully
paid in cash.

While the ultimate structure of The AM Fund will be a mutual fund, it will in the interim operate as a special purpose Pooled Fund vehicle until all documentation are finalized, in order to facilitate processing of some urgent relief to investors.

The Fund is structured into 2 tiers:

  • Tier 1 is the liquid component which allows for immediate withdrawals if so desired;
  • Tier 2 is the long-term component with withdrawal restrictions typical of such vehicles.

Validated investors will receive pro-rata shares of their validated amounts in either one or both tiers of the Fund, according to an approved allocation framework for different categories of investors.

Investors will also have GCB Bank accounts opened for them into which cash redemptions will be paid. Therefore, investors will be required to provide some ‘Know Your Customer’ (KYC) information to operationalize their accounts.

Membership of the Fund is open to all validated investors whose funds were locked up with defunct FMCs for which the Official Liquidator has obtained Liquidation Orders from the Court and gazetted same. Investors with defunct FMCs for which Liquidation Orders have currently not been granted will be given the chance to join the fund after the Orders are obtained and gazetted.

The Fund is managed by GCB Capital Ltd and governed by a 3-member Board of Directors.

Ultimately, every claimant shall receive the full amount of their validated claim subject to terms and conditions around allocations into Tier 1 and Tier 2.

To sign up for the Programme, validated claimants must got to and do the following:

  1. Log-in with your unique ID number received from PwC, and the phone number you used in filling your claim
  2. View your validated claim amount and agree to the amount
  3. Read, sign and submit the Assignment and Subscription Agreement online.

Within 3 business days of submission, you shall receive confirmation of your registration via text message (SMS) indicating your new holdings in the Fund.

Subsequent text messages/email will provide information to investors on updating the KYC information and the processes for making withdrawals from or deposits into The AM Fund.

Clients are encouraged to retain investments in The AM Fund for safe, professional wealth management. The use of a mutual fund structure to implement the bailout is aimed at rebuilding affected clients’ trust in regulated, professionally-managed capital markets structures. GCB Capital is committed to efficient management of The AM Fund

Frequently Asked Questions

No. This is independent of any other redemptions. Only messages or emails sent from GCB Capital Limited with a unique code/number are valid for this Fund.

The remaining portion of your investment will be allocated to you as shares in Tier 2 of the mutual fund which may be redeemed over time subject to the redemption terms and conditions for The fund.

The Fund is a fully licensed mutual fund which means that it is actively managed to generate returns to shareholders. Hence, any money standing to your credit will be invested in permissible securities to generate returns for you.

No, this fund is a special purpose vehicle established by GCB Capital Limited with support from the Government of Ghana as a bailout intervention to mitigate losses of claimants. Claimants of The Fund are investors whose funds were locked up with the defunct FMCs.

This may be because you have not signed up to join the mutual fund, or your membership is still being processed. Please call GCB Capital Limited on 0302 949 347 or 0302 945 848 or email

The allocation of your Tier 1 shares will be per the table below, whilst the balance of your validated claims, if any, would be put into The Fund as Tier 2 shares:

Category Percentage/Amount
Individuals below 60 years A minimum of up to GHS70,000.  Therefore, all individuals with validated claims under GHC70,000 will receive it all in Tier 1
Pensioners of 60 years and over 100% of all validated claims
Schools, Faith-based organizations and Hospitals 100% of all validated claims
Financial Institutions, Associations, Welfare Institutions, Credit Unions and Unions. 50% of all validated claims

All claimants not categorized above will receive 20% of validated claims in Tier 1.

The AM Fund is an investment vehicle so it ties in well with your original objective to invest your funds. Secondly, The Fund structure allows for liquidity so shareholders in The Fund can trade their shares for cash subject to certain terms and conditions.

We intend to treat all claimants of the defunct FMCs, in respect of which the validation process has been completed and liquidation orders have been granted, equally in respect of timing. However, there may be minor differences within timelines for each investor due to the processing of documents and the time at which claimants sign on to the Fund.

For Further Information

Call: +233 55 256 4472