Everyone will be paid – Nduom assures GCFM investors

The founder of Gold Coast Fund Management (GCFM) now Blackshield Fund Management, Dr. Kwesi Nduom has assured his investors that none of them will lose their investments.

Dr. Nduom’s assurance comes after scores of aggrieved customers of the struggling fund managers staged a mammoth demonstration in Accra today, Tuesday, to pile pressure on the company’s management to payback their locked up investments.

Gold Coast Security has struggled to maintain stability following the challenges its sister companies have had especially in the financial front. The GN savings and loan firm has been taken over by government for insolvency.

Its mother company Groupe Ndoum is stressed in winning public confidence in its operations.

According to the fund management firm, the aggrieved customers have intentions of destabilizing companies of their founder Papa Kwesi Ndoum hence their insistence on a demonstration.

In a Facebook post Tuesday, Dr. Nduom blamed government’s failure to pay back contractors who owe his company as one of the causes for his current struggles.

“Unfortunately, one of the investments made has had challenges – the prefinancing of government infrastructure projects. Something that had been done successfully for 15 years and over that period about 14 billion Ghana cedis has been invested in schools, roads, bridges, sea defense and other important projects.

“This is the area the company has faced challenges because the government agencies have not paid the contractors who now owe about 2.4 billion Ghana cedis. We have even gone to court to redeem some of these investments. While we wait for the big monies to come in, we have been making payments to customers – direct cash and asset swaps now to the tune of over 200 million Ghana cedis.”

Below is the Nduom’s full write up on Facebook

Demonstration against Payment of Investment?

This morning, there was a “demonstration” not against the company people invested their monies with but against me, Papa Kwesi Nduom. And it is unfortunate. GCFM now BlackShield accepted monies for investment as it had done successfully for 25 years. No one has lost their investment all these years.

The company has invested funds with good results and the customers have enjoyed good returns.

Unfortunately, one of the investments made has had challenges – the prefinancing of government infrastructure projects. Something that had been done successfully for 15 years and over that period about 14 billion Ghana cedis has been invested in schools, roads, bridges, sea defense and other important projects.

This is the area the company has faced challenges because the government agencies have not paid the contractors who now owe about 2.4 billion Ghana cedis.

We have even gone to court to redeem some of these investments.

While we wait for the big monies to come in, we have been making payments to customers – direct cash and asset swaps now to the tune of over 200 million Ghana cedis.

Everyday our central office calls people and they are paid through the banks or MOMO. I agree the pace is not fast as we all wish to cover everyone. But the company is making payments UNLIKE several investment and finance houses who are not able to do as we are doing.

So where from this “demonstration” and the attacks on me personally? To want to destroy the very businesses customers expect their monies to come from?

We will continue to make planned payments until everyone is satisfied.

Yes, some are just doing politics with this no doubt. But we are serious about our business.

Everyone will be paid. Not everyone at once. But no one will lose their investment.

As for the insults, too bad. But after all, this is the Ghana we are in.