Chief Executive Officer of the Nduom Group of Companies, Dr. Paa Kwesi Nduom, the parent company of GN Bank, has leveled sensational accusations regarding the closure of the bank.
Dr. Nduom alleges that Ken Ofori-Atta, the former Minister of Finance, engineered the closure of the bank to protect political interests.
“A memorandum was submitted by the Minister of Finance at that time, asking the cabinet to agree to the collapse of GN Bank,” Dr. Nduom stated.
He condemned the document for overlooking the bank’s crucial contribution to financial inclusion and economic advancement.
“The memorandum did not consider that GN Bank was the largest bank with the widest distribution network and was enhancing financial inclusion and economic development. It merely stated that we were causing problems that could affect political chances, so they decided to shut it down,” he asserted.
Dr. Nduom additionally claimed that the liquidity shortage that resulted in the bank’s collapse was deliberately manufactured by withholding payments.
“What led to the liquidity crisis was the refusal to pay us. Payments were made to others, but not to us, under the belief that the money would come to me. I have been telling people everywhere that the money does not belong to me; it belongs to the customers. I even wrote to Jubilee House to request that they pay the customers directly,” he explained.
In spite of Ken Ofori-Atta’s advocacy for the closure, Dr. Nduom disclosed that the cabinet initially did not concur with the decision to dismantle GN Bank.
“After Ken Ofori-Atta sent his memo to Jubilee House, the cabinet did not agree to the collapse of GN Bank,” he concluded.
Dr. Nduom’s accusations have ignited substantial debate, prompting inquiries into the political incentives behind the cessation of one of Ghana’s largest banking networks.