Chairman of Group Nduom and owner of the defunct GN Bank, Dr. Paa Kwesi Nduom has called on the government to pay debts owed the business, saying if the government had paid what it owed to it the company would have survived.
Speaking at a media briefing, Paa Kwesi Nduom who owns Black Shield, formerly Gold Coast Securities, said Group Nduom financed Ghanaian contractors. He said these contractors were working on government of Ghana infrastructure projects including schools, roads and bridges.
“Because we know the importance of infrastructure development in this country, we decided [Groupe Nduom including what used to be called Gold Coast, now Black Shield], what Ghana needs the most is infrastructure development.
“And if nobody’s credit is good, should that include government? Government credit should be good. So if we decide to give money to finance the activities of Ghanaian contractors, that money should come back. So where is that money? That money is with the government of Ghana and its agencies and they know. The former Finance Minister, Ken Ofori-Atta knows; the current Finance Minister Dr Amin Adam, he knows.”
He added that the head of Cocoa Board knows because Group Nduom financed the Cocoa roads. According to Paa Kwesi Nduom, the Cocoa roads used to be the safest projects one can finance.
Paa Kwesi Nduom noted that government refused to pay contractors, siting the Dixcove Sea defence project as an example. He mentioned that the money was GH¢1.8 billion at the time but now is GH¢7.1 billion due to 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. There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies,” Paa Kwesi Nduom.
The former CPP and PPP presidential candidate said though they want the money to pay their customers, they know the situation in the country and would agree to a payment plan.
“So today, what we are saying is, let them pay the money. If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” Dr. Nduom told the press.
