The Global Chairman of Groupe Nduom and former owner of GN Bank, Dr. Paa Kwesi Nduom, has fervently urged the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, to review fresh evidence and restore GN Bank’s banking license.
Dr. Nduom asserts that GN Bank is prepared to resume full operations and implores the central bank to preserve the bank’s assets in optimal condition.
He is confident in the bank’s assets’ viability and potential for success if the BoG reinstates its license.
“So, when people ask what we want, all that we’re saying is to recognize that indeed there was more money there than was said to be—just proof. Recognize the proof. Someone has said somewhere, ‘give me new facts and I will change my mind.’ We have given and continue to give new facts to the BoG.
“All that we’re asking the Governor, Dr. Addison, is to take a look at the new facts, recognize them for what they are, and give us back our license, give us back our assets. Make sure the assets are in good condition, and let’s move on.
“Even in the reclassified state as a savings and loans company, we are prepared to start working. And we know once all the accounting is done, once the funds start coming in, everybody will realize that the 305-branch network of GN Savings deserves to become a universal bank—GN Bank again,” Dr. Nduom explained in a video shared on Facebook.
To demonstrate GN Bank’s readiness for full operation, he outlined the criteria for a savings and loans company to function in Ghana, affirming that his bank possesses the capability to meet all these requirements.
He explained, “Even the GH¢30.3 million that the finance ministry erroneously told the BoG that Groupe Nduom companies had. Even if we took that money and paid it, which they still haven’t paid. If they paid us and we paid it into GN Savings, that would have given us the capital required to continue as a savings and loans company. But we said in our books, GH¢2 million.
“In addition, we had properties and other related buildings, including the many branch buildings put up by some of our companies. We said we would give it to the organization to shore up its capital.
“It was all rejected, and these are the same buildings that BoG’s appointed receiver went around hurriedly to put locks on the gates and buildings and walked away. They left them to rot. All of those things are still there.”
In 2017, the Bank of Ghana’s endeavors to consolidate the banking sector resulted in the withdrawal of licenses from numerous financial institutions, among them GN Bank.