Economic Advisor to the Vice President, Dr. Gideon Boako has disclosed that the government in any way does not owe Groupe Nduom as it is been speculated by the company.
According to him, their checks indicate that Groupe Nduom gave money to contractors through their Gold Coast Security Investment portfolios and not the bank (GN Bank).
Speaking on Okay FM’s 'Ade Akye Abia' program, he explained that their checks reveal that Groupe Nduom made or entered into a wrong investment which was unprofitable to the financial institution.
"This made the company run into a loss, and that investment of some individuals and institutions were locked up," he stated.
"It will also interest you to know that some of the monies were also invested in the personal investment of the Directors of these financial institutions," he said.
In these instances, the government never went into any agreement or contract with Groupe Nduom so the allegation that government owes Groupe Nduom is false, he added.
According to him claims by Groupe Nduom that government owes them is a mirage and has no basis or proof.
"However, the good news is that funds have been provided by the government for the receiver to pay off depositors whose cash have been locked up in these savings and loan companies," he told Kwame Nkrumah 'Tikese'
Groupe Nduom is at loggerheads with the government over the size of the debt.
The Finance Ministry has said the government owes Groupe Ndoum ¢30million, But the conglomerate puts the debt at ¢300million.
Groupe Nduom has said one of its subsidiaries, Gold Coast Securities, is owed ¢2.2billion after financing several government projects.
Watch interview below
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