The Chairman of Groupe Nduom,
Dr Papa Kwesi Nduom, has said the delay by the government in paying local
contractors, some of whom, he said, are customers or investors, has led to the
lock-up of GHS2.2 billion from the Groupe’s Gold Coast Fund Management, alone.
“When we keep fighting for Ghanaian contractors to be paid, we are fighting for
customers/investors to get their money. How much? GHS 2.2 billion is currently
locked up in the process from Gold Coast Fund Management alone”, Dr Nduom wrote
on social media Saturday, 10 August 2019.
Other Ghanaian financial institutions, he said, “Have funds locked up in
infrastructure projects. The contractors are going bankrupt. The customers have
it worse. They are suffering. When a contractor is not paid after three years
of completing a job, the financial institution does not get paid. The customers
who invested their monies with the financial institutions don’t get paid”.
“Who should fund infrastructure – roads, bridges, schools, etc. – in Ghana?”,
the former presidential candidate asked, adding: “Gold Coast has been doing it
for 15 years. Over 14 billion Ghana Cedis invested. Now with a portfolio of 2.2
billion Ghana Cedis”.
“It is the government that stopped giving advance payment to contractors and
asked them to pre-finance projects. Gold Coast stepped in to support our
indigenous Ghanaian contractors and has funded over 600 projects. This is a
good thing the company has done.
“Our concern is to get the payment process going so contractors can complete
projects, get them certified, get paid so they can pay back what they owe to
Gold Coast so that Gold Coast can pay back money to its customers/investors.
“This is not Nduom’s money. It is not politics. It is pocket-level economics.
The money is in Ghana with government agencies and in infrastructure projects”,
he said.
Dr Nduom added: “This is not the only investment made by Gold Coast, which is
why it paid back over 1 billion Ghana cedis in 2018 and has paid about GHS100
million this year”.
Recently, a coalition of local contractors threatened to lock all public
schools and facilities they built if the government delayed further in paying
them their funds.
ClassFM
