June 23, 2024
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If gov’t had paid us, Gold Coast and Black Shield wouldn’t have had problems – Ndoum

Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, Dr Papa Kwesi Nduom, has called on government to settle an outstanding debt of over GHS7 billion owed to his companies and other subsidiaries. 

This debt, he claims, has crippled his businesses and left depositors without 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, leading to the freezing of depositors’ funds. 

Since then, depositors and investors have been relentlessly demanding the return of their money without any resolution.

Dr. Ndoum has made a renewed plea for the government to reimburse contractors who borrowed money from Groupe Ndoum. 

He argued that timely payments could have prevented 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. Ndoum emphasised the urgency of the situation, urging government to settle the debt to facilitate 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.

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