President of the Groupe Nduom conglomerate, Dr. Papa Kwesi Nduom has debunked rumours suggesting that investment monies of clients at Gold Coast Fund Management are being used by the company beyond the shores of Ghana, resulting in challenges with the retrieval of their monies.
“Some people in their frustration and anxiety have accused Gold Coast Fund Management of sending their investment monies abroad. They are wrong.” He said in a communique.
Dr. Nduom has, however, insisted that the monies of clients have been re-invested into developmental projects and other financial institutions in Ghana.
In a statement, he said, “your money is working in Ghana, for Ghana’s development” explaining that over GHC2bn has been invested in infrastructure and commercial projects for the GetFund, Cocobod, Road Fund, District/Municipal Assemblies and Private Companies.
Gold Coast Fund Management which is a full-service investment bank in Ghana provides individuals and corporate clients with short and long-term investment opportunities.
Customers at the beginning of this month thronged the premises of various branches of the company across the country to withdraw their investments for fear of losing it due to the problems faced by some other investment firms last year.
Calling for calm, he said customers demanding for the immediate release of their monies at Gold Coast Fund Management may end up losing their cash since the investitures need time to mature before they can get their monies.
Read the full statement below.
Where is your money?
Some people in their frustration and anxiety have accused Gold Coast Fund Management of sending their investment monies abroad. They are wrong.
Where has the investment money been put to work?
For over 25 years, your money, invested with Gold Coast, has built clinics, hospitals, roads (including much needed cocoa roads), bridges, classrooms, factories in Ghana. All over the country. More than 600 infrastructure projects have been funded for local contractors. Tens of thousands of full time jobs have been created. It is because of the Gold Coast Investment discipline that has made it possible for thousands of people to gain significant returns on the original amounts invested.
Today, the clients have made Gold Coast Fund Management the biggest fund manager in the country as a result of the benefits people have gained over the years.
So, where is your money? It is working, in Ghana, for Ghana’s development. Over 2 billion Ghana Cedis has been invested in infrastructure and commercial projects for the GetFund, Cocobod, Road Fund, District/Municipal Assemblies and Private Companies. About 500 million Ghana Cedis have been invested with other financial institutions and in real estate projects. Hundreds of million more have been invested in agriculture , manufacturing, media and other enterprises that are creating jobs for Ghanaians.
It is prudent to allow investments to run their course before calling them in. Many people will lose money if we were to redeem investments or sell assets before they gain full value. Investments with government agencies once they are legitimate, “do not go bad”. Otherwise, no investor, local or international will respect Ghanaian sovereign guarantee. This is why we have been working with quiet assertiveness with government agencies and private sector organizations to pay what is due to Gold Coast. What we recover, we use to pay emergency needs and interest arrears of our clients.
(Dr. Papa Kwesi Nduom)
Dr Papa Kwesi Nduom, Groupe Nduom President