Safeway Company Limited attracted many investors into their tilapia keeping business by promising high interest rates.
The company, however, struggled to keep up with the interest payments when they heavily invested the deposits of customers into other businesses like real estate and microfinance businesses which failed.
This led to massive, widespread protests by customers against the company, forcing the temporary closure of the business.
Currently, however, a new management has been formed, and production of tilapia has started, increasing the possibility of customers being paid back their deposits.
“We are doing fingerlings production alone and we have started. Fingerlings do not take much. It takes roughly between six to seven weeks,” he said.
He explained that the payment plan will however depend on the sale of the harvest. “The payment plan will be determined on the number of tons and what we will get within that lane. Currently, the investors have been ranked. They are over 14,000 people across Ghana,” he told Accra-based Citi FM.