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Dr. Papa Kwesi Ndoum, Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, has asserted that the government owes over GH¢7 billion to two of his companies and other subsidiaries.
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. For years, depositors and investors have been demanding the return of their funds without success.
In a renewed effort to revive his companies, Dr. Ndoum has called on the government to reimburse contractors who borrowed money from Groupe Ndoum. He emphasized that if the government had paid these contractors earlier, his companies would not be facing their current financial difficulties.
“A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest. If the government of Ghana and its agencies had paid even one-third of that money to the contractors six years ago, there wouldn’t be a problem with Gold Coast, Black Shield, or GN Bank, or any of our companies,” Dr. Ndoum stated.
He is now urging the government to settle the debt, suggesting that if immediate payment is not feasible, a payment plan should be established. “They pay us, the customers get paid,” he concluded.
Source:Omanghana.com
