Global Chairman of Groupe Nduom, Dr. Paa Kwesi Nduom, is considering embarking on a nationwide tour aimed at advocating for the revival of the collapsed GN Bank.
According to a social media post observed by GhanaWeb, Dr. Nduom indicated his intention to reconnect with the people, particularly the clients of GN Bank, to provide them with a detailed explanation of the events leading to the collapse of the bank.
He wrote, “We owe it to a duty to explain to the people how our journey that started in 1997 was disrupted in 2019. GN Bank was one of the most liquid ones and served over a million people out of 300 locations. I am returning to the same towns, markets and locations to tell the people what has happened.”
“We embarked on a tour of the country in 2018/19 to save Ghanaian banks and jobs. They didn’t mind us. They rather fanned the flames that led to a run on our indigenous Ghanaian banks. Which bank in the world can survive panic withdrawals and state-sponsored liquidity crisis.”
Dr. Nduom asserts that the collapse of his bank was facilitated by state intervention, citing banking policies at the time that rendered it unfeasible for GN Bank and other Ghanaian banks to withstand the banking sector’s restructuring efforts.
“We embarked on a tour of the country in 2018/19 to save Ghanaian banks and jobs. They didn’t mind us. They rather fanned the flames that led to a run on our indigenous Ghanaian banks. Which bank in the world can survive panic withdrawals and state-sponsored liquidity crisis.”
In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies, including GN Bank.
Subsequently, GN Bank pursued legal action contesting the revocation of GN Savings and Loans’ license by the Bank of Ghana (BoG).
However, in January 2024, an Accra High Court, under the jurisdiction of Justice Gifty Addo Adjei, affirmed the legality of the Central Bank’s decision. The ruling underscored the institution’s authority to revoke the license due to governance shortcomings that left GN Savings and Loans incapable of fulfilling its debt obligations.