The founder of the defunct GN Bank, Dr. Papa Kwesi Nduom has called on the government to pay monies owed to contractors to enable them to pay back credit taken from the bank to finance the construction of some infrastructure projects in the country.
His call comes barely a few days after the finance minister disclosed that he has released some 49 billion cedis to pay contractors.
However, Dr. Kwesi Nduom says it is time the government honors its debt obligation to contractors who sourced monies from his bank.
He insists the government’s refusal to pay the money contributed to the collapse of his bank.
The Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, back in 2019, leading to the freezing of depositors’ funds.
Despite years of demands from depositors and investors for the return of their funds, no resolution has been achieved.
To revive his companies, Dr. Ndoum has urged the government to settle outstanding debts owed to contractors who borrowed funds from Groupe Ndoum.
Dr. Ndoum pointed out that had the government paid off some of the contractors years ago, his companies would not be facing the current financial challenges facing Gold Coast, Black Shield, and other companies within the group.
He emphasized the urgent need for the government to address the mounting debt, which has increased from GH¢1.8 billion to over GH¢7.1 billion, including accrued interest.
“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.
Dr. Ndoum urged the government to either settle the debt or devise a feasible payment plan, emphasizing the importance of resolving the issue to ensure that customers receive their due payments.
“If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” he stressed.
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Source: Anthony Sasu Ayisadu/ATLFMNEWS