Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, Dr. Papa Kwesi Ndoum, has claimed that the government still owes two of 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, resulting in 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.
Dr Ndoum said if the government had paid some of the contractors years ago, his companies would not have had the current financial challenges.
“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.”