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BusinessDr. Nduom initiates efforts to retrieve Banking license to operate throughout Ghana

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Dr. Nduom initiates efforts to retrieve Banking license to operate throughout Ghana

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Groupe Nduom (GN) has begun efforts to reclaim its banking license to restart operations throughout Ghana.

At an event held on Sunday, May 26, 2024, at the former branches of the defunct bank in Brewa and Agona in the Central Region, Dr. Paa Kwesi Nduom, CEO of Groupe Nduom, assured attendees that the bank would resume operations soon.

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“I am here to assure you all that sooner or later the bank will begin operations for you all. We are currently taking steps to access our license from the Bank of Ghana. We are the bank for the people, so we will do everything in our power to commence operations for you people, “he said. 

On August 16, 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance companies.

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GN Savings and Loans was among those affected.

The central bank made this decision under Section 123(1) of the Banks and Specialised Deposit-Taking Institutions Act.

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This Act empowers the central bank to revoke the license of a bank or specialised deposit-taking institution if it is deemed insolvent.

However, Dr. Nduom stated during his visit to the communities that the decision was unjust.

He argued that the insolvency was caused by the government’s failure to pay contractors, which in turn affected the bank.

Dr. Nduom claimed that if the government had settled its debts to contractors, the bank would have been financially stable at the time of the license revocation.

He urged residents to pressure their leaders and parliamentary representatives to compel the central bank to reinstate the bank’s license.

Previously, the bank operated 300 branches nationwide and employed 7,000 staff.

The license recovery initiative included visits to various branches and communities of the defunct bank.

Dr. Nduom mentioned that the bank would soon engage in advocacy efforts to highlight the “unjust” revocation of its license by the Bank of Ghana.

The “Bring Back GN Bank” campaign featured multiple activities, including a tour of the company’s assets and meetings with former staff.

Dr. Nduom visited the bank’s former and proposed branches in Afransie, Awutu Senya, Potsin, and Ngleshi Amanfrom.

He noted that the Amanfrom and Awutu Senya branches had been converted into churches, while the Potsin branch was destroyed.

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