Nduom’s company sues gov’t over unpaid debt

A subsidiary of Groupe Nduom, Ghana Growth Fund Limited (GGFL), has dragged government to court over debts allegedly owed it.

The company is seeking to retrieve about GHS7 million with interest from government.

Joined to two separate lawsuits issued on July 9, 2019, are the Minister of Finance, Minister of Roads and Highways, the Attorney General.

Private companies; Agyakot Company Limited and Reggio Company Limited also featured in the suits with GGFL seeking to recover different amounts.

The company is seeking GHS4,416,719.37 purportedly owed Agyakot Company Limited and GHS2,450, 575.18 purportedly owed Reggio Company Limited.

GGFL in the writ sighted by citinewsroom is demanding the sums of money as “being the total face value of the accrued but unpaid interim payment certificates” under the roads contracts.

The company is also seeking an award of “damages for breach of contract.”

About Ghana Growth Fund Company Limited

Ghana Growth Fund Company Limited is a private equity and venture capital firm that specializes in investments at all stages of a company’s life-cycle including startups, recapitalizations, leveraged buyouts, management-led buyouts, buy-ins, expansion and development capital, mature stage, strategic minority equity investments, equity private placements, consolidations and buildups, buy and builds, and growth capital financing.

The firm also invests in property-level equity, debt and special situations transactions and businesses. It typically invests in small and medium-sized enterprises in infrastructural development, non-bank financial institutions, information technology, manufacturing, among others.

The company is a subsidiary of Groupe Nduom who manages a variety of other companies including GN Bank, First National Togo, First National Cote d’Ivoire, GN Reinsurance, GN Life Assurance, Gold Coast Fund Management, Gold Coast Brokerage, PenTrust and Liberian Enterprise Development Finance Company.