Government owes Groupe Nduom over GHS7.1 billion — Company

Business conglomerate Groupe Nduom has said that the Government of Ghana as well as its agencies and contractors owe the company more than GHS7.1 billion in unpaid debts.

In a statement released on June 16, by Groupe Nduom's Corporate Affairs Department, the company maintained that contrary to figures provided by the Ministry of Finance, it is owed a much higher amount from various government entities.

The company specifically said "Today, the Government of Ghana, its agencies and contractors owe Groupe Nduom companies over GHS7.1 billion."

Groupe Nduom also quoted its founder, Dr. Papa Kwesi Nduom, as responding to the Ministry of Finance that "We do not know which contracts or contractors are included in that figure. We have presented a much higher value of Certificates for your consideration."

According to the conglomerate, the debts are owed by state institutions like the Ghana Cocoa Board (COCOBOD), the Ghana Education Trust Fund (GETFund), the Ghana Road Fund, the Ministry of Works and Housing as well as the Ministry of Roads and Highways.

Groupe Nduom has pointed out that with the over GHS7.1 billion owed to it by the government and its agencies, "customers will be paid and GN Savings will have enough capital to become a universal bank once again."

The company said it has sent a demand letter to the Ministry of Finance along with other top government officials to recoup the owed monies but is yet to receive any responses.

It further stated that it has filed various lawsuits against the government to recover the substantial unpaid debts.

Groupe Nduom has accused officials at the Ministry of Finance and Bank of Ghana of conspiring to revoke the license of its GN Savings & Loans company based on inaccurate figures of money owed to the financially troubled firm.