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HistoryKen Ofori-Atta allegedly requested for collapse of GN Bank - Paa Kwesi...


Ken Ofori-Atta allegedly requested for collapse of GN Bank – Paa Kwesi Nduom reveals


Founder and Executive Chairman of Groupe Nduom, Dr. Paa Kwesi Nduom, has posted a memorandum for a cabinet meeting on social media, indicating that former Finance Minister Ken Ofori-Atta urged the Cabinet to orchestrate the downfall of the defunct GN Bank to avert any political meddling.

According to Nduom, the memorandum called for the Cabinet to revoke GN Bank’s banking license.

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Nduom claimed that the motive behind Ken Ofori-Atta’s action was to incapacitate the bank and prevent it from being employed as a tool to politically challenge the current government.

“I have with me here a memorandum submitted by the Minister of Finance at that time, Mr. Ken Ofori-Atta, asking Cabinet to agree for GN Bank to be collapsed, for its license to be taken. This memorandum didn’t consider that this bank was the biggest bank with the widest distribution in Ghana.

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“It didn’t recognize that we were providing banking services that increased financial inclusion in Ghana. It didn’t recognize that we were supporting financial development and economic development in Ghana.

“It just said, these people are causing us problems and therefore it might affect our political chances, so let’s shut it down,” Dr. Paa Kwesi Nduom claimed in a viral video shared on X formerly Twitter.

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He acknowledged that, although the memorandum was presented to the cabinet, the cabinet did not approve Ken Ofori-Atta’s request to revoke the bank’s operating license.

In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies, including GN Bank. The bank then pursued legal action, contesting the Bank of Ghana’s decision to revoke GN Savings and Loans’ license.

However, in January of this year, an Accra High Court, led by Justice Gifty Addo Adjei, upheld the Central Bank’s decision, underscoring the institution’s authority to revoke the license due to governance shortcomings that left GN Savings and Loans unable to fulfill its debt obligations.

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