Dr. Papa Kwesi Ndoum, Chairman of Groupe Ndoum and owner of the defunct Gold Coast Fund Management Company, has stated that the government still owes his companies and subsidiaries over GH¢7 billion.
The Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, in 2019, freezing depositors’ funds.
Since then, depositors and investors have been unsuccessfully demanding the return of their funds.
In an effort to revive his companies, Dr. Ndoum has called on the government to reimburse contractors who borrowed money from Groupe Ndoum.
He asserted that if the government had paid some contractors years ago, his companies would not be facing their current financial difficulties.
Dr. Ndoum explained that a debt which initially amounted to GH¢1.8 billion has now exceeded GH¢7.1 billion and continues to grow with interest.
He noted that if the government and its agencies had paid even one-third of this amount to the contractors six years ago, his companies, including Gold Coast, Black Shield, and GN Bank, would not be facing their current issues.
He is now urging the government to pay the owed money, and if the funds are unavailable, to establish a payment plan to ensure that customers receive their due payments.
