The Ghana Growth Fund, a subsidiary of Groupe Ndoum, has sued the Finance Minister over debts that have left it unable to pay investors’ funds.
Included in the suit is the Attorney-General, Minister for Roads and Highways and Agyakot Company Limited.
Lawyers for Ghana Growth Fund Limited, which invests the money on behalf of Gold Coast Fund Management, are demanding the recovery of more than ¢19m being the total face value of the accrued but unpaid interim payment certificates due the fourth defendant, Agyakot Company.
This will enable Agyakot Company to pay the Fund debts owed it.
The suit represents the first set of separate suits that the Company will be embarking on, to ensure debts owed it by government are paid.
Counsel for the Fund, Justice Srem-Sai, told Joy Business their clients have been stretched thin.
“We have exhausted all other avenues. It was never our first choice to go to court but unfortunately, if all other approaches don’t work, we are entitled to go to court. At this point, we are very confident that this is the only option that will get the government and the contractors to honour their obligation to us.
“Because of this default from government and the contractors our client is also finding it a bit difficult to honour its obligations towards its depositors,” the lawyer said.
Gold Coast Fund Management has been in the news for its inability to pay clients’ invested capital and the interest accruing on same.
Below is a copy of the writ:
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