- Another mass lock up of investors' funds is looming as NTHC struggles to deliver on its financial obligations to investors
- Some GH¢400 million of investors' funds have been locked up, which includes GH¢30 million belonging to past and current workers of GOIL
- According to reports, NTHC has admitted to the challenges and has said it is in talks with government for a bailout
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It has emerged that the National Trust Holding Company (NTHC) is facing a financial meltdown as over GH¢400 million in investors’ funds are threatened.
Reports monitored by YEN.com.gh show investors, including state-owned institutions, have been storming the NTHC to retrieve their investments but without success.
The NTHC is among the foremost investment banking firms in Ghana. It was established in 1976 under the auspices of the National Investment Bank to serve as a catalyst for the creation of a stock exchange in Ghana.
The NTHC’s core business activities include Securities Trading, Investment Management, Registrar Services, Corporate Finance, and Investment Research.
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In addition to these core businesses, NTHC, through its wholly-owned subsidiary, NTHC Properties, develops and sells properties.
NTHC has acted as, and continues to act as Trustees for Governments’ interest in companies since 1979.
According to a report by Joy News, present and retired workers of Ghana Oil (GOIL), who have invested over GH¢30 million with NTHC have their funds locked.
They are threatening legal action against the investment banking firm if it fails to pay them their money.
“The workers, who number about 120, said in an interview that since 2020, NTHC had unilaterally discontinued the investment of the funds in various instruments and had, therefore, stopped the payment of interest to depositors,” the report said.
The management of NTHC has, meanwhile, confirmed indebtedness to the staff of GOIL and other clients.
NTHC has disclosed further that it was in talks with the government for support to clear it obligation to investors.
Akufo-Addo Berates Credit Rating Agencies For Worsening Plight Of Struggling African Economies
YEN.com.gh has reported in a separate story that Nana Akufo-Addo has slammed credit rating agencies for unjustly downgrading already struggling African economies.
Speaking to world leaders at the 77th UN General Assembly, Nana Akufo-Addo said already, the global financial system is skewed significantly against African economies like Ghana.
He observed, for instance, that the avenues opened to developed nations to enable them take measures that would ease pressures on their economies are closed to African nations.
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