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Pay Contractors Who Borrowed Monies from my Bank - Paa Kwesi Nduonm Tells Gov't

Dr. Papa Kwesi Ndoum, Chairman of Groupe Ndoum and owner of the inoperative Gold Coast Fund Management Company, has revealed that the government owes two of his companies and other subsidiaries over Ghc 7 billion.

Dr. Nduom who founded the Progressive People’s party (PPP), faced a hard-hit closure of his financial companies when the Securities and Exchange Commission Ghana (SEC) in 2019, revoked licenses of fifty-three (53) fund management companies, which included the Gold Coast Fund management.

The revoking of the license resulted in the freezing of funds belonging to depositors.

Five years down the lane, depositors and persons whose investments have been locked up have been crying out loud for their funds to be reimbursed by the government through the Ministry of Finance and the Central bank.

In his quest to get his companies revived, Dr. Papa Kwesi Nduom has placed a clarion call to the government to reimburse his customers, who were mainly contractors who had borrowed monies from Groupe Nduom to undertake government projects.

According to Dr Ndoum, 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," he said.

"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,” he added.