Nduom speaks on his resignation from Gold Coast Brokerage

The president of Groupe Nduom, Dr Papa Kwasi Nduom says his resignation from Gold Coast Brokerage is an ordinary, routine business transaction.

Dr Papa Kwesi Nduom

In a Facebook post, Dr Nduom said it is “unfortunate that some people are trying to cause mischief with it in official and unofficial circles.”

“At the same time, the decision was made to re-brand Gold Coast Brokerage to become Teak Tree Brokerage (TTB) to enable it to forge its own identity and assert its independence in the capital market. TTB buys and sells stocks, bonds, treasury bills, sponsors companies and products for listing on the Ghana Stock Exchange, etc. It has been doing this for 25 years.”

“The company does not hold or manage any customer funds and consequently does not owe anyone. It lives off commissions it earns from the transactions it executes.”

A statement from the Ghana Stock Exchange said Dr Nduom resigned from the Board together with Patrick Kobina Anumel.

The two are being replaced by Dr Olivia Anku-Tsede, Mr Joseph Kusi-Tieku, and Mr Kwesi Abedu Wilson.

Read the full statement from Dr Nduom below:

My attention has been drawn to a story making the rounds about me resigning from Gold Coast. 

I am aware that anything "Gold Coast" has become associated with me, good or bad. Maybe that is why an ordinary, routine business transaction has become a general news item. Unfortunately, some are also trying to cause mischief with it in official and unofficial circles.

We have had Gold Coast Securities, Gold Coast Fund Management, Gold Coast Holding, Gold Coast Brokerage, etc., etc. They are all separate, legal entities with their assets and liabilities.  

As we normally do, we have been rotating directors off and on the board of directors of all our Groupe Nduom companies. So, the time had come for me and another director on the Board of Gold Coast Brokerage to rotate off and allow others to come and supervise the company. This is a normal corporate governance policy.

At the same time, the decision was made to re-brand Gold Coast Brokerage to become Teak Tree Brokerage (TTB) to enable it to forge its own identity and assert its independence in the capital market. TTB buys and sells stocks, bonds, treasury bills, sponsors companies and products for listing on the Ghana Stock Exchange, etc. It has been doing this for 25 years. The company does not hold or manage any customer funds and consequently does not owe anyone. It lives off commissions it earns from the transactions it executes.

I am proud of the Gold Coast tradition and the positive things it has done for thousands of investors. So the Gold Coast company faced with challenges - Gold Coast Fund Management has my full attention and we are working to make sure customers of that company are able to withdraw their investments as and when needed.

Interestingly enough, some competitors and officials who regulate our activities are sharing this. 

They know who they are. We have been in business long enough to know that ups and downs occur. We have a long term, patient focus. Nothing will shake it. Challenges will be overcome.

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