Gold Coast Security, Stop Abusing Investors’ Trust

Last year, when the Gold Coast Security, under the auspices of GN GROUPE NDUOM, experienced a crisis, the corporate President, Dr. Papa Kwesi Nduom, took a commendable step to allay the fears of clients. He moved from region to region to talk to flustered clients in order to halt the panic withdrawal which threatened to bankrupt the Institution. Dr. Nduom used his credibility to assure patrons that their investment was safe, so they should trust Papa Kwesi Nduom.

A cross-section gave him the benefit of the doubt, because he is Dr. Nduom. That GN still has clients indicate that, somehow, his strategy paid off, even if clients remained with the bank grudgingly due to poor access to funds. He pleaded on trust; some genuinely trusted him. Even at the time, communication was very poor; clients would throng the bank’s premises, and they would hardly get an officer to talk to. The conduct of the employees did not align with the trust message Dr. Nduom was busily propagating. The communication gap has since worsened.

At the beginning of 2019, the bank sent a text to customers that it would be engaging them till March, so they should look forward to an invitation. It is already June, but that process has not commenced. Worst of all, clients cannot access simple services from some locations.

The Takoradi GN premise is closed due to an alleged attack by a frustrated customer. There is a telephone number at the door, and a notice directing clients to use the number. The annoyance is that either the line is busy, or one Alex responds and promises to provide information, which he reneges on, or the line rings without answer. GN has broken clients’ trust.

The antics of the corporate body is creating the impression that instead of a trusted investment entity, investors probably engaged in a Ponzi scheme. I am not an economist; neither have I ever had a head for mathematics, but I was quite good at logic, so I can put and two together. Dr. Nduom cannot, and should not consider not paying back investors’ money. An entity that has been running several businesses in the media, hospitality, book, and banking industries, and which recently entered the education and sports sectors, to name these, all of which utilised investors’ money, cannot claim zero returns for investors, when many of the businesses have been operational through the crisis. In my opinion, GN GROUPE NDUOM’s over-ambition in veering into uncompetitive education and sports projects eventually locked up its funds, gravely inconveniencing investors. 

The Ghana Securities and Exchange Commission should align with the Bank of Ghana to monitor GN’s schedule to protect clients’ investments. The money locked up for over a year should be attracting treasury bills interest, since that was the investment window allocated to the GN. Investors have the right to know the statuses of their investment. GN cannot remain silent and treat clients with such contempt. The silence amounts to stringing customers along.

Dr. Nduom asked clients to trust him and allow him to handle their money. It is time he returned that trust by opening communication lines, and letting investors know that their collective funds are secure in treasury bills. He owes them that. Above all, GN GROUPE NDUOM should let clients have access to their money, as and when they need funds, as well as other services. I ask again, Dr. Nduom, how about you returning the trust you asked for!