Chairman of Groupe Ndoum and the former owner of Gold Coast Fund Management Company, Dr Papa Kwesi Ndoum, has once again urged the government to reimburse contractors who took loans from Groupe Ndoum.
The Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, Dr. Nduom, has appealed to the government to settle an outstanding debt exceeding GHS7 billion owed to his companies and their subsidiaries.
He contends that this debt has crippled his businesses and left depositors without access to their funds for years.
In 2019, the Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, resulting in the freezing of depositors’ funds.
Since then, depositors and investors have persistently demanded the return of their money, but without resolution.
Dr. Nduom reiterated his plea for the government to reimburse contractors who borrowed from Groupe Ndoum.
He argued that timely payments could have averted the financial collapse of his companies.
“A debt that used to be GHS1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest,” he stated.
He continued that: “So the government of Ghana and its agencies, if they had paid us even one-third of that money to the contractors six years ago, there wouldn’t be a Gold Coast or Black Shield problem. There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies.”
Dr. Nduom stressed the urgency of the situation, urging the government to settle the debt promptly to enable the repayment of depositors.
“So today, what we are asking is we are saying let them pay the money. If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” Dr. Ndoum added.