Ghana’s finance ministry says it owes Groupe Nduom only GH¢3.1 million

The government of Ghana owes Groupe Nduom only $ 573,012 (GH¢3.1 million). This is according to a source at the Ministry of Finance.

Dr Papa Kwesi Nduom

According to Joy News, documents at the Finance Ministry show that contractors government owe under an Interim Payment Certificate (IPC) arrangement with investment company Gold Coast Securities was up to GH¢137 million and accumulated interest of GH¢132 million.

A further probe indicated 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. 

Meanwhile, 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.


However, Ben Afreh of Gold Coast Securities said the money owed them is more than GH¢2billion by all government agencies including COCOBOD and the Ministry of Finance. 

“The Ministry is telling you and we have documents to prove” Ben Afreh lamented. 

“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,” he added.


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