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Dr. Papa Kwesi Nduom, Chairman of Groupe Ndoum and former owner of the defunct Gold Coast Fund Management Company, has asserted that the government owes his companies and subsidiaries over GH¢7 billion. This debt has significantly impacted his businesses, contributing to their financial difficulties.
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. Despite ongoing efforts, many depositors and investors have struggled to recover their investments.
Dr. Ndoum emphasized that if the government had reimbursed contractors who borrowed money from Groupe Ndoum earlier, his companies would not be in their current financial state.
He stated, “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.” He argued that timely payments from the government could have prevented the issues faced by Gold Coast, GN Bank, and other related entities.
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Dr. Ndoum urged the government to pay the owed amounts or come up with a payment plan to settle the debt, which would in turn allow his companies to pay their customers. He highlighted that the government’s non-payment has compounded the financial troubles of his businesses, exacerbating the difficulties faced by depositors and investors.
In 2019, the Bank of Ghana revoked the operating license of GN Bank, which had been restructured as GN Savings and Loans, citing insolvency. Dr. Ndoum maintains that resolving the debt owed by the government is crucial for the financial recovery of his companies and the reimbursement of affected customers.
