A group of disgruntled customers numbering over 12,000 have petitioned authorities requesting the arrest of Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, his son and 5 others over locked-up funds at the Gold Coast Fund Management and GN Bank.

“We demand the immediate arrest of Mr. Kwame Ofori Asomaning (MD, Gold Coast), Dr Papa Kwesi Nduom, Mr Kwaku Nduom, Rev Pebi, Mr Boakye and Mr Awuni, all of Gold Coast Holding who have conspired to dupe us by their actions and inactions,” the group calling itself the Concerned Gold Coast Fund Management Customers (CGCFMC), noted in a press release on Wednesday, 19 December 2018.


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Dr Papa Kwesi Nduom

The group said they wish to highlight their plight and “to make public the ongoing deceit, lies, fraudulent misrepresentation, failed promises among others being meted out to our members by the management and staff of Gold Coast Fund Management and GN Bank over the last 5 months”.

They also entreated the Securities and Exchange Commission (SEC) to act on their complaints in order to protect over GHS 1.2billion of customers funds “in the next 72 hours or be seen as incompetent in this regulatory matter”.

Furthermore, they are demanding that the Bank of Ghana (BoG) “takes over GN Bank as a failed bank immediately to secure depositors funds”.


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They pointed out that GN Bank has for about 16 weeks now been “unable to service minimum customers withdrawals even as low as GHS90 at its various branches”.
In addition, they want authorities to seize all assets of Gold Coast Holding, Gold Coast Fund Management, Gold Coast Securities and its direct affiliate companies and the assets sold “to pay for its liabilities to its thousands of customers”.


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