The Chairman of Groupe Ndoum and the former owner of Gold Coast Fund Management Company, Dr Papa Kwesi Ndoum, has said government still owes his companies and other subsidiaries over GH¢7 billion.
The Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, in 2019, which led to the freezing of depositors’ funds.
Depositors and investors have been trying to retrieve their funds for years without success.
Dr Ndoum is now urging the government to repay contractors who borrowed money from Groupe Ndoum.
He said if the government had paid these contractors years ago, his companies would not be facing the current financial challenges since the debt has grown from GH¢1.8 billion to over GH¢7.1 billion and continues to accumulate interest.
At a press conference on May 26, Dr Nduom called on the government to either pay the owed amount or come up with a payment plan to resolve the issue and ensure that the customers receive their funds.
“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. 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. 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,” he said.
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