In Ghana, there exists a troubling reality where individuals perceived as fraudulent are seemingly protected. One such case is that of Dr. Papa Kwesi Nduom, owner of Gold Coast Fund Management, who continues to demand money from the Ghanaian government despite abandoning and devastating the investments of nearly one hundred thousand unsuspecting citizens, totaling over Five Billion Ghana Cedis. His once-operational Gold Coast Fund Management Company, now known as Blackshield, was allegedly exploited as a ‘Cash-Cow Company’.
Recently, the aggrieved customers of Gold Coast Fund Management have been outraged by news items and viral videos purportedly from Dr. Papa Kwesi Nduom. In these, he presents his version of events in a manner that seeks public sympathy. His narrative includes several contentious claims:
Allegations that Group Nduom (GN) invested funds raised from Gold Coast Fund Management customers in infrastructure projects executed by various Ghanaian government agencies and institutions.
Claims that prior to the revocation of GCFM and GN Bank’s licenses, loans extended to contractors for these infrastructure projects amounted to One Billion, Eight Hundred Million Ghana Cedis (GHC 1,800,000,000.00).
Assertions that if the government had paid one-third of its debt amounting to Six Hundred Million Ghana Cedis (GHC 600,000,000.00) in 2018, neither Gold Coast Fund Management nor GN Bank would face the current crises.
Claims that the debt owed by the government to Group Nduom has ballooned from One Billion, Eight Hundred Million Ghana Cedis (GHC 1,800,000,000.00) to Seven Billion and One Million Ghana Cedis (GHC 7,100,000,000.00) due to accrued interest over six years.
Demands that the government settle this debt promptly and reinstate GN Bank’s revoked license, despite the severe financial losses inflicted on customers and investors, including reported deaths.
The statements made by Dr. Papa Kwesi Nduom are viewed as unfortunate, arrogant, shameless, cruel, and mischievous by the aggrieved customers. They urge the public to disregard his claims and deny him any sympathy, citing his significant role in the suffering caused during the poorly executed Financial Sector Clean-up Exercise under President Akufo Addo’s administration.
Questions to Dr. Nduom:
Regarding Dr. Nduom’s claims that the government owes GHC 1.8 billion, now valued at GHC 7.1 billion:
A. How much of the GHC 1.8 billion is principal from customer deposits, and how much has accrued in interest to date?
B. Is it true, as auditors suggested in 2018, that only about GHC 500 million was lent to contractors for government projects? If so, where was the remainder of the funds invested?
C. Given the SEC’s statement that validated claims from Blackshield customers alone amount to GHC 5.1 billion, what happened to the remaining GHC 3.3 billion that Dr. Nduom claims the government owes him?
D. Why didn’t Blackshield tap into the larger pool of investments, amounting to GHC 3.3 billion or possibly GHC 4.6 billion, to pay customers seeking to redeem their investments?
E. Why did Dr. Nduom maintain for almost six years that the majority of Blackshield clients’ investments were in government projects?
F. Why did Dr. Nduom allegedly withhold GHC 4.6 billion of Blackshield clients’ investments, leading to the suffering and deaths of over 900 members who could have otherwise afforded medical treatment?
The aggrieved customers of Gold Coast Fund Management are giving Dr. Papa Kwesi Nduom a deadline of two weeks, from June 17th, 2024, to July 1st, 2024, to address the following:
I. Provide details on the current value of the GHC 4.6 billion he allegedly withheld, including accrued interest based on his own interest calculation model.
II. Present a payment plan within 90 days to settle the accrued interest over six years on the GHC 4.6 billion.
III. Include the 13-month interest gap that was omitted in the SEC validation calculation in the payment plan.
Failure to address these demands by the deadline will compel the customers to pursue resolution through other means.
Message to the Government:
The aggrieved customers also remind Vice President and NPP presidential candidate Dr. Bawumia of their ultimatum for the government to settle their claims by June 30th, 2024. Failure to do so may lead them to consider the Aggrieved Customers of Gold Coast Fund Management as a significant political force in the upcoming 2024 election.
Appeal to the Special Parliamentary Committee:
They urge Hon. Joe Ghartey, Chairman of the Special Parliamentary Committee investigating delayed payments to Gold Coast Fund Management customers, to expedite the release of their committee report. They believe this could prompt the government to take swift action in resolving their payment issues.
