The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has alleged that the National Pensions Regulatory Authority (NPRA) is treating his former employees unfairly.
According to Dr Nduom, the NPRA has also deprived Groupe Nduom of the management of its Tier Three Pension Scheme unduly.
Dr Nduom said, “I have been reviewing what’s been going on in my absence these past three years and cannot bear to watch the indignities being visited on my former employees by those who have wrapped themselves with regulatory powers to punish innocent former employees. They are doing so with impunity on the blind side of high authorities in the current Administration.”
This is contained in a post on Facebook on Friday January 13, 2023.
He asked, “How was the Groupe Nduom Tier Three Pension Scheme given to Negotiated Benefits Company Limited? Which process was used by the NPRA to take a Scheme developed and managed by a Pension Trustee, a private company at great cost and effort and hand it over on a silver platter to another Trustee? Is this another case of taking business away from an indigenous Ghanaian Pension Trustee to give to a foreign company allegedly being fronted by well-connected Ghanaians? Is this another case of “giving a dog a bad name in order to hang it”? Why destroy another Ghanaian company in the financial sector?”
The founder of the People’s Progressive Party (PPP) also lamented the fact that the staff of this company have been denied monies due them.
“Why are former GN employees being denied money due to them from this fund by the NPRA especially when the money has been paid by the GN Bank Receiver and is available?” he wondered.
The protesters’ message to the government was written on the casket they were carrying.
They claimed they needed the money they had locked up freed immediately.
Some aggrieved customers of Gold Coast Fund Management, a subsidiary of Groupe Nduom have converged at the Kwame Nkrumah Circle Tuesday morning with a casket bearing the picture of Dr. Papa Kwesi Nduom.
The ‘pall-bearers’ carried the casket around while jeering in protest to push for the government’s intervention in retrieving their funds.
The group is demanding the prosecution of the chairman of Group Nduom, the mother company of the investment firm, as well as the entire management of Gold Coast Fund.
They also want the government to freeze Dr. Nduom’s accounts.
Again, the group is demanding President Akufo-Addo sacks the head of the sector regulator, the Securities and Exchange Commission, for allegedly looking on for their investments to go down the drain.
Starting from the Obra Spot, the group is expected to march through the Finance Ministry to the Jubilee House to present a petition to the government.
The United States of America’s Department of the Treasury hosted the annual gathering of the top executives from the public, corporate, nonprofit, and philanthropic sectors.
To advance strategies that release the economic potential of Black, Latino, AANHPI, and Native communities, Secretary Jack Lew founded the forum in 2015.
It also gives opportunities to others that have experienced limits on their ability to fully participate in the US economy.
Dr. Nduom who attended the programme as a corporate attendee was also a participant in a VIP Private Sector Leader Breakfast (VPSLB) with Secretary Janet Yellen.
Corporate Attendees who graced the occasion are; Asutosh Padhi, [North America CEO, McKinsey], Christopher Gorman, CEO, [KeyCorp], David Clunie, Executive Director, [Black Economic Alliance], Eric Taylor, CEO, [Trident], Jeffrey Hirsch, CEO, [STARZ], and John Rogers, Co-CEO, [Ariel Investments].
The rest included Papa Nduom, Chairman, [GN Bank], Rajiv Shah, President, [The Rockefeller Foundation], Rip Rapson, CEO, [The Kresge Foundation], Sanjay Mehrotra, CEO, [Micron Technology] and Sharon Bowen, Chair, [NYSE].
Speakers included senior Biden-Harris Administration officials, corporate and philanthropic CEOs, and leading advocates and practitioners.
Other Biden-Harris Administration Attendees are as Secretary Janet Yellen, [United States Treasury] Deputy Secretary Wally Adeyemo, [United States Treasury] Ambassador Susan Rice, [White House Domestic Policy Council] and Janis Bowdler, Counselor for Racial Equity, [United States Treasury].
He lamented the tendency of leaders in “this part of the world” to loathe and even occasionally despise successful businesspeople they perceive as being beyond their reach.
The eminent businessman and entrepreneur said that since political leaders do not comprehend that a nation’s inhabitants should control the crucial financial sectors of the economy, such as banking, investments, insurance, and pensions, it is destined to experience poverty.
“When a country loses control over the key financial sectors, other countries and foreign entities take control, and independence is lost,” he said.
Speaking on the theme; “The Independence of Ghanaians” Dr. Nduom touched on work and happiness, probity, accountability and transparency, zero tolerance for corruption and Ghana Beyond Aid.
He recounted how a former Ghanaian military ruler, the late General Ignatius Kutu Acheampong championed the Ghanaian ownership of what he called “the commanding heights” of the economy, he was onto something.
“Operation Feed Yourself was and remains a popular policy from the Acheampong era. I know that there are some people who make the claim that the policy did not come from the late General himself but what does it matter? We will achieve a lot as a nation if we do not care who takes credit for the good things we do”, he opined.
The business magnate further noted that for Ghana to gain control of the economy, the current or future administration must muster the courage to implement (not debate or discuss – we are beyond talking) the following:
1. Take firm steps to ensure indigenous Ghanaian control (ownership) of the financial sector – banking, insurance, investment, pension and others at all levels. This is a must. No country has prospered in this world by relying on foreign-owned financial institutions or the World Bank or the IMF. None. Gaining control of the commanding heights of the economy starts from here. That is why Kwame Nkrumah to his credit made sure Ghana Commercial Bank, Agricultural Development Bank and other state-owned institutions were promoted and encouraged to support the indigenous enterprises.
2. All infrastructure contracts signed by the state must have a minimum 25% of value go to an indigenous Ghanaian and his/her enterprise.
3. All Cocoa roads and projects funded by COCOBOD must be given to indigenous Ghanaians and their companies.
4. Ban completely, the importation of chocolate, soft drinks, fruit juices, fruits, poultry and meats.
5. Ban the importation of rice and sugar.
6. Immediately ban the serving of any imported food or drink at all state functions.
7. School feeding programmes must only use locally produced food and drinks.
8. All professional services agreements – architectural, technology, financial etc., must have at least 25% indigenous Ghanaian participation.
9. All new and renewed concessions for gold, bauxite, oil and gas, diamond, timber must have a minimum of 25% indigenous Ghana ownership.
10. The digitalization agenda must be placed firmly, 100% in the hands of indigenous Ghanaians and their companies.
11. Give full rights and recognition to Ghanaians who by necessity have become citizens of other countries – to vote, be employed by the state and compete for elective offices. It beats my imagination why we promote drafting football players born in other countries to Ghanaians but do not encourage professionals in other fields who have acquired citizenship in other countries to come and participate fully in the private and public sectors. Ghana loses a lot by shutting these experienced and knowledgeable people out of high-level public-sector positions. I should know. I was one of them.
Chairperson of the Convention People’s Party (CPP), has called on the Progressive people’s Party (PPP) to merge with the CPP to win the 2024 general election.
Nana Akosua Frimpomaa Sarpong Kumankumah, said the eight years of “electoral football” between the National Democratic Congress and the New Patriotic Party had impoverished the populace, hence the need for a merger to ensure a return to Ghana’s development trajectory through the time-tested ideals of the CPP and PPP.
Nana Sarpong Kumankumah made the appeal in a solidarity message at the PPP’s 10th Anniversary at Elmina in the Central Region on Saturday.
It was on the theme: “10 Years of Progressive Focus to Bring Change in Ghana’s Democratic Governance – The Way Forward.”
She restated the critical need for the CPP and PPP to lay to rest their systemic ideological differences and unite to save the country from the economic doldrums.
The CPP Chairperson regretted the internal deep-seated squabbles that led to the unfortunate exit of Dr Papa Kwesi Nduom from the party to form the PPP.
She touted Dr Nduom’s immeasurable contributions to the rank and file of the CPP and said if he were to been with CPP for the 2020 polls, the narrative could have been different.
“… But you know that the enemies of progress will go all out to ensure people who mean well for the country will not have their intentions realised,” she said.
“Nonetheless, I want my presence here to ignite the spirit of Dr Nduom, which is the same as Dr Kwame Nkrumah, for us to merge. I am asking in all humility that all members of the PPP, your intentions are noble and as to why you left, we understand. Come home!”
Nana Kumankumah added that a unified front was the only panacea to unseat the governing NPP that had “failed to meet the aspirations of Ghanaians.”
Although the CPP could not make significant strides in previous elections, the masses were calling for the return of the party into governance, but the fragmentation, wrangling, and bickering were hindering its intended mission to move forward, she said.
She expressed disappointment over the disunity and bickering within the CPP and appealed to its leading members not to sit on the fence but to support in reviving its fortunes in the 2024 polls.
“We must work hard to organise the party and eschew all personal ambitions to ensure its progress, which I strongly stand for.”
The PPP in 2013 began talks with the CPP and the Peoples National Convention (PNC) for a possible merger.
It broke away from the CPP after its leader, Dr Nduom was accused of creating disunity in the party.
The CPP, a centre-left party, formed by Ghana’s first President, Dr Kwame Nkrumah, has performed poorly in elections since the advent of the Fourth Republic.
The Progressive People’s Party (PPP)blames the ruling New Patriotic Party (NPP) for the prevailing stiff economic conditions in the country.
The party believes it is the next viable option to turn the country’s fortune around.
It also expressed its resolve to investigate thoroughly the private sector clean-up that resulted in most businesses collapsing, including its founder, Dr. Papa Kwesi Nduom.
Speaking to Citi News on the sidelines of the party’s 10 years anniversary celebration, the flagbearer of the 2020 elections, Bridget Dzogbenuku said the party is poised to secure power in the next elections.
She said all indicators such as the resort to seek a financial bailout by the government are an indication of government’s failure to manage properly the affairs of the country.
National Chairman of the party, Nana Ofori Owusu also accused government of deliberately destroying Ghanaian-owned businesses, citing Dr. Papa Kwesi Nduom’s case as an example.
He noted that “several Ghanaian youth have been rendered unemployed as a result of the financial sector clean up, an action he believes was only done out of share hatred.”
He said the PPP will investigate the matter thoroughly when voted into power.
Some social media users are in a state of devastation over a recent post shared by the Chief Executive of Groupe Nduom, Dr Papa Kwesi Nduom, concerning his lost fortunes in the past three years.
The businessman and politician has taken to his Facebook page to recount the collapse of his GN Bank which had several branches nationwide three years on.
The Bank of Ghana on August 16, 2019, revoked the licences of some 23 insolvent savings and loans and finance house companies including GN Savings and Loans Ltd which he owned.
Announcing the closure, the Central Bank indicated that the financial condition of GN Savings and Loans Limited had deteriorated since its reclassification from GN Bank in 2018, with both negative capital adequacy ratio and negative net worth.
BoG further explained its Capital Adequacy Ratio (CAR) was -61% in breach of the minimum requirement of 13%.
But to Dr Nduom, a dream to develop a safe and sound regulated financial institution present everywhere in Ghana was deferred with thousands of young men and women now at home.
“Hundreds of millions of assets have been lost, abandoned, destroyed or rotting away: 300 branches remain locked up. The unbanked remains unbanked,†he wrote in a Facebook post.
Quoting inspiration from Jeremiah 29: 11, he stated his faith, however, remains strong in the face of the challenges.
Papa Kwesi Nduom fills eyes of Ghanaians with tears
His post has sparked mixed reactions amid prayers for God to restore everything he has lost in the course of the financial sector clean-up.
According to him in a Facebook post, he had a dream three years ago to develop a safe and sound regulated financial institution present everywhere in Ghana but that dream was deferred.
He said since the revocation of the licence, thousands of young men and women [who worked for him] remain at home. Hundreds of millions of his assets have been either lost, abandoned, destroyed or rotting away.
Dr. Nduom further noted that 300 branches of GN Bank remain locked up, “yet, our faith remains strong.”
In his consolation, the former flagbearer of the Progressive People’s Party, PPP, quoted Jeremiah 29: 11 to end his post. On the occasion of the third anniversary of the revocation, the renowned entrepreneur said, â€the unbanked remain unbanked, yet our faith remains strongâ€.
“TODAY is three years since our dream to develop a safe and sound regulated financial institution present everywhere in Ghana was deferred. Thousands of young men and women remain at home. Hundreds of millions of assets have been lost, abandoned, destroyed or rotting away. 300 branches remain locked up. The unbanked remain unbanked. Yet, our faith remains strong.
“I know the plans I have for you says the Lord, plans to prosper you and not to harm you, plans to give you hope and a future. Jeremiah 29: 11,” Dr. Papa Kwesi Nduom concluded.
The founder and president of Groupe Nduom, Dr. Papa Kwesi Nduom, has marked three years after the revocation of the licence of GN Bank.
According to him in a Facebook post, three years ago, he had a dream to create a reliable, well-regulated financial institutionthat would be present throughout Ghana, but that ambition was deferred.
He said since the revocation of the licence, thousands of young men and women [who worked for him] remain at home. Hundreds of millions of his assets have been either lost, abandoned, destroyed or rotting away.
Dr. Nduom further noted that 300 branches of GN Bank remain locked up, “yet, our faith remains strong.”
In his consolation, the former flagbearer of the Progressive People’s Party, PPP, quoted Jeremiah 29: 11 to end his post. On the occasion of the third anniversary of the revocation, the renowned entrepreneur said, â€the unbanked remain unbanked, yet our faith remains strongâ€.
“TODAY is three years since our dream to develop a safe and sound regulated financial institution present everywhere in Ghana was deferred. Thousands of young men and women remain at home. Hundreds of millions of assets have been lost, abandoned, destroyed or rotting away. 300 branches remain locked up. The unbanked remain unbanked. Yet, our faith remains strong.
“I know the plans I have for you says the Lord, plans to prosper you and not to harm you, plans to give you hope and a future. Jeremiah 29: 11,” Dr. Papa Kwesi Nduom concluded.
Businessman, Dr. Papa Kwesi Nduom has issued an open letter to President Nana Addo Dankwa Akufo-Addo.
Among other things, he touched on government’s ‘Ghana Beyond Aid’ agenda which he believes to be fading away and does not find expression in formal presentations such as the budget and speeches delivered by the president.
“To begin with, I support this vision for Ghana because it will promote self-reliance that would lead to greater prosperity of our citizens. I am a supporter of “Ghana Beyond Aid†without reservations,” Dr Nduom said.
“My concern is that this vision may become a mere slogan,” he opined.
Ghana Beyond Aid: My Recommendations To Walk the Talk
“Ghana Beyond Aid†is a vision put forth by your Administration. You have articulated this forcefully and pushed it in presentations to Ghanaian citizens. You have also stood your ground on this with foreign leaders particularly those from the western divide of global governance. Many have hailed it and bought into it as a very necessary agenda.
Recently though, the vision seems to be fading and does not find expression in formal presentations such as the budget and your own speeches at home and abroad. It is time to light some fire under this vision and make it real.
To begin with, I support this vision for Ghana because it will promote self-reliance that would lead to greater prosperity of our citizens.
I am a supporter of “Ghana Beyond Aid†without reservations.
My concern is that this vision may become a mere slogan. Over the years, Ghanaians have heard “the private sector is the engine of growth†with no fuel to make the engine move for the benefit of the people. They have been presented with “Zero Tolerance for Corruption†and “Probity, Accountability, Transparency†and yet corruption is seen by citizens as the main barrier to their well-being. Many leaders, in business and politics have put out their versions of “Ghana First†visions yet there is no common agenda to work with to make it come alive.
When the late General Ignatius Kutu Acheampong championed the Ghanaian ownership of the commanding heights of the economy, it spawned concrete actions that are still delivering benefits to the state and its people. “Operation Feed Yourself†was and remains a popular policy from the Acheampong era.
Given where we are, the following are actions I highly recommend for you to consider implementing to push the “Ghana Beyond Aid†vision.
All infrastructure contracts signed by the state must have a minimum 25% of value go to an indigenous Ghanaian and his/her enterprise.
All Cocoa roads and projects funded by COCOBODmust be given to indigenous Ghanaians and their companies.
Ban completely, the importation of chocolate, soft drinks, fruit juices, fruits, poultry, and meats.
Ban the importation of rice and sugar.
Immediately ban the serving of any imported food or drink at all state functions.
School feeding programmes must only use locally produced food and drinks.
Take firm steps to ensure indigenous Ghanaian control (ownership) of the financial sector – banking, insurance, investment, pension, and others at all levels.
All professional services agreements – architectural, technology, financial etc., must have at least 25% indigenous Ghanaian participation.
All new and renewed concessions for gold, bauxite, oil and gas, diamond, timber must have a minimum of 25% indigenous Ghana ownership.
The digitalization agenda must be placed firmly, 100% in the hands of indigenous Ghanaians and their companies.
Give full rights and recognition to Ghanaians who by necessity have become citizens of other countries – to vote, be employed by the state and compete for elective offices.
Will this hurt? Initially, yes. But eventually, we will be a better country, one whose citizens can aspire to prosperity with confidence.
I would appreciate the opportunity to discuss the recommendations further.
Presented, Your Excellency, for your consideration.
Groupe Nduom has written to the Receiver of GN Savings and Loans Limited asking for a meeting to discuss the details of what has been paid out to the customers or depositors who have put in claims after the Bank of Ghana (BoG) revoked the license of the company in 2019.
This, it said was part of moves aimed at securing, preserving and protecting its assets in GN Savings and Loans Limited pending a determination of the suit it had initiated against the Bank of Ghana and the Minister of Finance in relation to the revocation of its specialised deposit-taking licence.
According to Groupe Nduom, who before August 16, 2019, together with Dr Papa Kwesi Nduom, were shareholders and responsible for the management and control of GN Savings and Loans Limited, it was confident that the suit it had initiated at the Accra High Court challenging the revocation of its licence would succeed.
Consequently, it was of the belief that the appointment of the Receiver, Eric Nana Nipah was unlawful and therefore his activities in relation to GN Savings and Loans was equally unlawful.
In the letter written on its behalf by its lawyer, Justice Srem-Sai, and dated March 4, 2020, Groupe Nduom is asking the Receiver, Eric Nana Nipah to desist from engaging in conducts which may be prejudicial to the claims in the suit; and also take all necessary steps to secure, preserve and protect the assets of GN Savings and Loans.
It is, therefore, asking for the update meeting to discuss the particulars – name, category of investment and amounts – of the customers or depositors who have put in claims for their monies; the details of what the Receiver has been able to pay out to the customers or depositors who have put in such claims; the details of loans and other credits that has been collected from debtors since August 16, 2019; the statement of GN Savings and Loans’ financial position as of February 29, 2020; and any other related issue or information.
Below is a copy of the letter
Dear MR ERIC NANA NIPAH,
REQUEST: AN UPDATE MEETING ON THE MANAGEMENT OF GN SAVINGS AND LOANS LIMITED (IN RECEIVERSHIP)
I bring you compliments from the committee of partners at Archbridge Solicitors.
As mentioned in our previous letter to you dated November 25, 2019, we are the solicitors for Dr Papa Kwesi Nduom, Groupe Nduom Limited, the shareholders of GN Savings and Loans Limited and the persons who, immediately before August 16, 2019, were responsible for the management and control of GN Savings and Loans Limited (collectively referred to in this letter as our “Clients”).
We write this letter under our Clients’ instruction.
You may recall the following:
That subsequent to your appointment as Receiver to GN Savings and Loans Limited, our Clients did initiate a suit (numbered HR/094/2019) at the High Court, Accra, against your principals – the Bank of Ghana and the Minister of Finance – and, to all intents and purposes, your office;
That in the suit, our Clients are challenging the revocation of GN Savings and Loans’ specialised deposit-taking licence and, thereby, the lawfulness of your appointment and, consequently, your activities in relation to GN Savings and Loans; and
That the tenor of our Clients’ claims and the processes in the said suit dictate (and, the High Court has on occasions reiterated to you) that you do the following, pending the determination of the issues in the suit:
i. desist from engaging in conducts which may be prejudicial to the claims in the suit; and
ii. take all necessary steps to secure, preserve and protect the assets of GN Savings & Loans.
4. In line with the above, we will be grateful if you could, without equivocation, agree to have us and our Clients for a meeting to discuss the following issues with you:
The particulars – name, category of investment and amounts- of the customers or depositors who have put in claims for their monies;
The details of what you have been able to pay out to the customers or depositors who have put in such claims; and
The details of loans and other credits that you have been able to collect in from debtors since August 16,2019;
The statement of GN Savings and Loans’ financial position as at February 29, 2020; and
Any other related issue or information.
5. We will be available for such a meeting during the working hours of any day from Wednesday, March 11 through to Tuesday, March 31, 2020.
6. Alternatively, you may supply the information in respect of the above issues through us to our Clients within the period which we have indicated in Paragraph 5 of this letter.
7. Kindly let us know if you need further clarification from us on this subject.
Thank you.
Chairman of Groupe Nduom, Dr Papa Kwesi Nduom and shareholders of defunct GN Savings and Loans have written to the Receiver of the defunct Savings and Loans companies requesting a meeting over the progress made so far in paying depositors funds.
Dr Ndoum through his solicitor – Justice Srem-Sai, ESQ in a letter dated March 4, 2020, said the meeting with the Receiver will discuss issues such as the particulars name, category of investment and amounts of the customers or depositors who have put in claims for their monies.
The shareholders are also requesting the details of what the receiver has been able to pay out to the customers or depositors who have put in such claims.
The letter states “we will be grateful if you could, without equivocation, agree to have us and our Clients for a meeting to discuss the following issues with you:
a. The particulars – name, category of investment and amounts- of the customers or depositors who have put in claims for their monies;â€
b. The details of what you have been able to pay out to the customers or depositors who have put in such claims; andâ€
c. The details of loans and other credits that you have been able to collecting from debtors since August 16, 2019;â€
d. The statement of GN Savings and Loans’ financial position as at February 29, 2020; and
e. Any other related issue or information.â€
We will be available for such a meeting during the working hours of any day from Wednesday, March 11 through to Tuesday, March 31, 2020.â€
Suit
Dr. Papa Kwesi Nduom, has sued the Bank of Ghana and three others over the revocation of the license of GN Savings and Loans Company Limited.
The suit which was filed jointly by Coconut Grove Beach Resort and Conference Centre Limited and Groupe Nduom (GN) Limited, is challenging the decision of the central bank to declare GN Savings and Loans Company insolvent leading to the revocation of its operating license.
According to Dr Ndoum, several government agencies owed them and the BoG cannot turn around to revoke their license.
Reliefs
Among the reliefs being sought by Dr Nduom include a declaration that by failing to take into accounts the indebtedness of the government of Ghana and its MDAs to Groupe Nduom, Gold Coast Advisors Limited or GN Bank before concluding that the savings and loans company was insolvent and consequently revoking its specialised deposit-taking licence, violates their rights.
He also want an order of certiorari, quashing the decision in the notice issued by BoG which declared GN Savings and Loans Company insolvent and consequently revoked its licence to operate as a specialised deposit-taking institution.
The suit is seeking an order on BoG to restore to the company its licence to enable it to continue operating as a specialised deposit-taking institution.
It also wants an order on the receiver of the company “to submit the possession, management or control of the assets, operations and other activities of the company to its shareholders or persons who, immediately before August 16, 2019, were in possession, management or control of such assets, operations and activities.â€
