Govt Owes Groupe Ndoum GH¢7bn, Claims Chairman

The Chairman of Groupe Ndoum and the owner of the defunct Gold Coast Fund Management Company, Dr. Papa Kwesi Ndoum, is claiming that the government still owes two of his companies and other subsidiaries over GH¢7 billion.

This follows the revocation of licenses by the Securities and Exchange Commission (SEC) of 53 fund management companies, including Gold Coast Fund Management, in 2019, resulting in the freezing of depositors’ funds. For years, depositors and investors have been demanding the return of their funds without success.

As part of a renewed effort to revive his companies, Dr. Ndoum has called on the government to reimburse contractors who borrowed money from Groupe Ndoum.

He stated that 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,” said Dr. Ndoum.

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

The collapse of the Gold Coast Fund Management Company and the subsequent freezing of depositors’ funds have been a major concern for many Ghanaians.

The government’s alleged debt to Groupe Ndoum has only added to the ongoing financial crisis.

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