Nduom Calls On Government To Pay Over GH¢7bn Owed His Companies: "It Is Growing Every Day"

• Dr Papa Kwesi Nduom has said the government still owes two of his companies and some of his other firms GH¢7 billion
• Nduom has called on the government to reimburse contractors who borrowed money from Groupe Ndoum
• The Securities and Exchange Commission revoked the licences of Nduom’s Gold Coast Fund Management in 2019

The chairman of Groupe Nduom, Dr Papa Kwesi Ndoum, has claimed that the government still owes two of his companies and other subsidiaries over GH¢7 billion.

Nduom, the owner of the defunct Gold Coast Fund Management Company, has called on the government to reimburse contractors who borrowed money from Groupe Ndoum.

Nduom said his companies would not have had the current financial challenges if the government had paid some of the contractors years ago.

“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.”

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In 2019, the Securities and Exchange Commission revoked the licences of 53 fund management companies, including Gold Coast Fund Management, freezing depositors’ funds.

For years, depositors and investors have been demanding the return of their funds without success.

Nduom has called on the government to reimburse contractors who borrowed money from Groupe Ndoum, according to Citi News.

“If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid.”

GN Bank staff's protest

A former staff of GN Bank has staged a one-man demonstration to demand that the bank be revived.

Philip Sarpiah also wanted the state to settle the Provident Fund of over 6,000 former bank staff.

He marched for over 30 kilometres in the scorching sun on Friday, January 20, 2023, to present a petition to the president, which a presidential staffer received at Black Star Square.

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Why GN Bank's licence to operate was revoked by the BoG

Meanwhile, YEN.com.gh reported that the Bank of Ghana revoked GN Bank's operating licence after reducing its status to a savings and loans firm.

According to the BoG, it was compelled to revoke the licence of the bank mainly because of the mismanagement of customers' funds.

Dr Ndoum allegedly used the funds to finance his other companies, while some were also lost to loan defaulters.

Proofread by Edwina N.K Quarcoo, journalist and copy editor at YEN.com.gh.

Source: YEN.com.gh