If gov’t had paid us, Gold Coast and Black Shield wouldn’t have had problems – Ndoum
![](https://cdn.classfmonline.com/imagelib/thumbs/77942031.jpg)
Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, Dr Papa Kwesi Nduom, has called on government to settle an outstanding debt of over GHS7 billion owed to his companies and other subsidiaries.
This debt, he claims, has crippled his businesses and left depositors without their funds for years.
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.
Since then, depositors and investors have been relentlessly demanding the return of their money without any resolution.
Dr. Ndoum has made a renewed plea for the government to reimburse contractors who borrowed money from Groupe Ndoum.
He argued that timely payments could have prevented the financial collapse of his companies.
“A debt that used to be GHS1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest,” he stated.
He continued that: “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.”
Dr. Ndoum emphasised the urgency of the situation, urging government to settle the debt to facilitate the repayment of depositors.
“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,” Dr. Ndoum added.
Source: classfmonline.com/Elikem Adiku
Trending Business
Ghana’s economy still bleeding, cost of living remains high – Ato Forson
06:39Mahama's 24-hour economy will revive 'dead' Tema - GFL
19:57Mahama is an advocate for women’s financial empowerment-Opoku-Agyemang
20:00YEA annnouces phase 2 of skills training programme, calls for applications
12:58LUIHF to picket Ministry of Finance on Wednesday over delays in releasing funds
12:32MegaCash Lucky Box poise to offer Ghanaians chance to win millions
15:05Mahama promises cashew factory for Amoma under next NDC Gov't
11:44Gov't set to raise cocoa farmgate price by nearly 45%, sources say
10:58Akufo-Addo should’ve resigned over free fall of Cedi – Mahama
14:23Demand locked-up DKM funds from Bawumia – Mahama to people of Nkoranza
12:44