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We owe Groupe Nduom only GH¢3.1 million – Finance Ministry source

We owe Groupe Nduom only GH¢3.1 million – Finance Ministry source
Source: Ghana | Odelia Ntiamoah | JoyBusiness
Date: 10-07-2019 Time: 10:07:56:am
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Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom

The government owes Groupe Nduom only GH¢3.1 million, a source at the Ministry of Finance has said. 

Documents sighted at the Finance Ministry indicate contractors government owe under an Interim Payment Certificate (IPC) arrangement with investment company Gold Coast securities came up to GH¢137 million and accumulated interest of GH¢132 million.

JoyBusiness' probe of the figures shows that the Finance Ministry has so far validated GH¢35 million and paid GH¢22 million. These are debts owed directly by the Ministry of Finance. 

Further validation done according to sources close to the Minister of Finance proved only GH¢12.5 million out of the GH¢22 million claim sent by Gold Coast Securities could be traced. 

The rest of the contracts are either ‘fictitious’ or uncompleted contracts. The amount owed the Ministry of Finance, therefore, has had GH¢9.4 million paid with a GH¢3.1 million debt owed contractors who were in an IPC arrangement with Groupe Nduom.

Contrary views

Ben Afreh of Gold Coast securities presents a contrary view. He said the money owed them is over GH¢2 billion by all government agencies including COCOBOD and the Ministry of Finance. 

The amount owed us by the Ministry of Finance alone is more than the GH¢137 billion, “the Ministry is telling you and we have documents to prove” Ben Afreh lamented. 


He added, “The debts include certificates issues for completed work, yet to be issued certificates because the work is yet to be finished and terminated projects the contractors are yet to re-enter. A private auditor has vetted all these projects and we expect the government to pay.” 


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