President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom
The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has said the Gold Coast Holding Company will pay all it clients who have short-term investments with the Gold Coast Fund Management.
Dr. Nduom has assured all such clients of the company that they will receive their money within a week, adding that not one of Gold Coast’s clients will lose a pesewa.
Dr. Nduom’s assurance follows a spectacle at one of Gold Coast’s offices where some furious clients created a scene in connection with the payment of their investments.
Below is Dr. Nduom’s full statement:
For the Benefit of the Public about Gold Coast
It is important that we clarify certain facts about Gold Coast Holding Company as follows:
1. Gold Coast companies and products are working and performing very well including pension, provident funds, brokerage, mutual fund, and unit trust.
2. Indeed, the Gold Fund Unit Trust is the best performing fund of its type in Ghana this year at over 19%.
3. There is only one Gold Coast product that is undergoing change and it is the Structured Finance Fund or SF.
We have started compliance with Securities and Exchange Commission (SEC) directives to stop guaranteed return products so from now on, NO MORE SF.
For individuals, it has been replaced with a Collective Investment Scheme (With investments made with customers’ money to be liquidated and all customer funds to be paid over 3 years); about three thousand customers will be paid back their investments next week.
For institutional customers, their investments have been put into a Managed Account for continuous management.
4) Individuals can choose to invest in alternative Gold Coast funds when their investments are paid to them.
The public should note that the practice of keeping short-term money where customers come monthly and quarterly for funds and rely on the investments for emergencies is not a feasible way to fund a credible medium- to long-term investment programme. This misunderstanding of investment is what is causing disaffection. If the company has contributed to this, we apologise for it. So, we have come up with a programme and schedule to return all such funds to the customers. Every affected customer will receive written communication on the change.
NO ONE WILL LOSE A PESEWA OF THEIR FUNDS.
Dr. Papa Kwesi Nduom,
President & Chairman, Groupe Nduom.
