The other three included in the suit is the Attorney-General, Minister for Roads and Highways and Agyakot Company Limited.

The embattled company in three separate suits is chasing the Finance and Roads and Highways ministries for their inability to honour obligations to road contractors who had taken loans from the GN subsidiary to execute some road contracts.

In a writ filed on July 9, 2019, “the Ghana Growth Fund Company takes on the two ministries over their failure to honour a GH¢13.9 million debt owed Amoh Prempeh Company, a contractor.

The GN subsidiary prayed the court to compel the government to pay the outstanding debt as well as interest that may have accrued on the amount and also damages for breach of contract.

Counsel for the Fund, Justice Srem-Sai, who spoke in an interview noted that 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 obligations to us,” he said.

He added that “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.” 

Gold Coast Fund Management has been in the news for its inability to pay clients’ invested capital and the interest accruing on same.