The debt you owe Gold Coast is not my money, they’re for customers so pay -Nduom to gov’t

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The Chairperson of Groupe Nduom, Dr Papa Kwesi Nduom has appealed to Ghanaians to join his crusade to help mount pressure on government “to unlock customers’ funds locked up in government infrastructure projects’’.

Gold Coast Fund Management has been in the news for its inability to pay clients’ invested capital and the interest accruing on it.

For a few months now, customers of Gold Coast Fund Management and sister company, GN Savings, have launched attacks sometimes-vicious ones on the offices, employees and properties of the companies.

They have held press conferences, gone on demonstrations and flooded social media with their demands for payment.

But the company through the CEO has maintained that the failure of the government to pay debts owed it, has contributed to their inability to meet the demands of customers.

In June this year, the Ghana Growth Fund, a subsidiary of Groupe Ndoum, sued the Finance Minister over debts that have left it unable to pay investors’ funds.

Included in the suit are the Attorney-General, Minister for Roads and Highways and Agyakot Company Limited.

Lawyers for Ghana Growth Fund Limited (which invests the money on behalf of Gold Coast Fund Management) are demanding the recovery of ¢4,416,719.37 being the total face value of the accrued but unpaid interim payment certificates due to the fourth defendant, Agyakot Company.

Dr Nduom has renewed his call on the government to pay all outstanding debts owed his company for him to pay customers.
He argued in a post that customers are the worst affected when the government fails to pay contractors for work done.

He said when government fails to pay contractors for work done, they are unable to pay back the loans they took from banks to execute their projects, and in effect, these affected banks are unable to pay customers their deposits.

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