Dr Papa Kwesi Nduom has reacted to media reports of him resigning from the board of Gold Coast Brokerage Limited.

The Chairman of Groupe Nduom in a statement revealed that the organisation has a tradition of rotating directors off and on the boards of all its subsidiaries and his stepping down from the board was just part of that tradition.

According to him, “…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 normal corporate governance policy”.

He added that the decision was also in an effort to rebrand Gold Coast Brokerage.

“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 on Tuesday confirmed that Dr. Papa Kwesi Nduom and another member of the board Patrick Kobina Anumel had resigned.

The two have been replaced by Dr. Olivia Anku-Tsede, Mr. Joseph Kusi-Tieku as well as Mr. Kwesi Abedu Wilson.

Read Dr Nduom full statement below

Nduom Resigns From Gold Coast?

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.

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 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.

Dr. Papa Kwesi Nduom