The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has said the delay by the government in paying local contractors, some of whom, he said, are customers or investors, has led to the lock-up of GHS2.2 billion from the Groupe’s Gold Coast Fund Management, alone.
“When we keep fighting for Ghanaian contractors to be paid, we are fighting for customers/investors to get their money. How much? GHS 2.2 billion is currently locked up in the process from Gold Coast Fund Management alone”, Dr Nduom wrote on social media Saturday, 10 August 2019.
Other Ghanaian financial institutions, he said, “Have funds locked up in infrastructure projects. The contractors are going bankrupt. The customers have it worse. They are suffering. When a contractor is not paid after three years of completing a job, the financial institution does not get paid. The customers who invested their monies with the financial institutions don’t get paid”.
“Who should fund infrastructure – roads, bridges, schools, etc. – in Ghana?”, the former presidential candidate asked, adding: “Gold Coast has been doing it for 15 years. Over 14 billion Ghana Cedis invested. Now with a portfolio of 2.2 billion Ghana Cedis”.
“It is the government that stopped giving advance payment to contractors and asked them to pre-finance projects. Gold Coast stepped in to support our indigenous Ghanaian contractors and has funded over 600 projects. This is a good thing the company has done.
“Our concern is to get the payment process going so contractors can complete projects, get them certified, get paid so they can pay back what they owe to Gold Coast so that Gold Coast can pay back money to its customers/investors.
“This is not Nduom’s money. It is not politics. It is pocket-level economics. The money is in Ghana with government agencies and in infrastructure projects”, he said.
Dr Nduom added: “This is not the only investment made by Gold Coast, which is why it paid back over 1 billion Ghana cedis in 2018 and has paid about GHS100 million this year”.
Recently, a coalition of local contractors threatened to lock all public schools and facilities they built if the government delayed further in paying them their funds.
Source: classfmonline.com
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Ken Ofori-Atta is being wicked. He is just burnt on taking Nduom's banking license. Ken wants to control everything in Ghana. He is driven by greed, jealousy and envy. This validation of contracts and IPCs that has taken three years plus is RIDICULOUS.
We told not to deal with this devil of akufo addo. He is purely evil and his subtle finance minister is so cruel. He is killing ghanaian dreams. I'm lossing my patriotic spirit only through this president whose sole aim is to rename everything Ghana to his family and party people. SAD FOR GHANA.
Danduruwa na wo kaa s3 wo y3 Mahama. Nyame na atua wo ka
But you gave him your support against Mahama at the time your business was flourishing,now just look at you,your business is collapsing, every thing of yours is in a mess,that's what you called for so accept it,next time you will think deep before you act
......SO TOO ARE GHANAIANS WHOSE MONIES ARE LOCKED UP WITH YOU!! IF YOU RIDE A STRANGE HORSE BE PREPARED FOR A MONUMENTAL FALL!!! ELECTIONS HAVE CONSEQUENCES!!!