Ndoum calls on govt to pay over GH¢7bn owed his companies

Dr. Papa Kwesi Ndoum, Chairman of Groupe Ndoum and former owner of Gold Coast Fund Management Company, has claimed that the government still owes his companies and other subsidiaries over GH¢7 billion. 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.

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Depositors and investors have been unsuccessfully attempting to retrieve their funds for years. Dr. Ndoum is now urging the government to repay contractors who borrowed money from Groupe Ndoum.

He mentioned that if the government had paid these contractors years ago, his companies would not be facing the current financial difficulties, as the debt has grown from GH¢1.8 billion to over GH¢7.1 billion and continues to accrue interest.

At a press conference on May 26, Dr. Ndoum called on the government to either repay the owed amount or devise a payment plan to resolve the issue and ensure that customers receive their funds.

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“A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It grows every day with interest. If the government of Ghana and its agencies had paid 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, nor any issues with our companies. So today, we are asking them to pay the money. If the government doesn’t have the money, let’s create a payment plan. They pay us, and the customers get paid,” he said.

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