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We have invested your money prudently; bear with us – GCFM

Dr. Paa Kwesi Nduom

Gold Coast Fund Management (GCFM), on Monday, said it has invested more than two billion Ghana Cedis in infrastructure and commercial projects for the GetFund, Cocobod, Road Fund, District/Municipal Assemblies and private companies.

The Company is, therefore, working with ‘quiet assertiveness’ with government agencies and private sector organisations to pay what is due to Gold Coast so that it would use the funds to pay the emergency needs and interest arrears of clients.

A statement signed by Dr Paa Kwesi Nduom, the Chairman of Groupe Nduom, and copied to the Ghana News Agency, thus debunked the allegation that the investment of clients had been sent abroad.

Dr Nduom explained that it would be more prudent to allow investments to run their course before calling them.

Many people would lose money should the Company redeem its investments before they gain full value; or should it sell its assets.

“Investments with Government agencies, once they are legitimate, ‘do not go bad’, otherwise, no investor – local or international- will respect Ghanaian sovereign guarantee,” Dr Nduom assured.

“About GH¢500 million has been invested with financial institutions and in real estate projects, while hundreds of million have been invested in agriculture, manufacturing, media and other enterprises that are creating jobs.

“For over 25 years, your money invested in Gold Coast has built clinics, hospitals, roads, bridges, classrooms and factories all over the countries.

“More than 600 infrastructure have been funded for local contractors. Tens of thousands of full-time jobs have been created. It is because of the Gold Coast Investment discipline that has made it possible for thousands of people to gain significant returns on the original amounts invested.

“It is because of the Gold Coast Investment discipline that has made it possible for thousands of people to gain significant returns on the original amounts invested”.

The GCFM said it was because of its astute decisions and the benefits, thereof over the years that their clients had made it the biggest fund manager in the country.

The Company has since last October run into some liquidity problems largely over the high debts owed to it and panic withdrawals by clients following the collapse of Menzgold and some investment companies.

The Securities and Exchange Commission also directed it to halt its structured finance product.

GCFM says it is working with the regulator to roll out alternative valuable products for its clients under the scheme, while it paid off, over a period, those who would insist on opting out.

It has so far paid more than GH¢60 million to clients.

Source: GNA

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