Founder and president of Group Nduom, Papa Kwesi Nduom, has revealed his deep frustration after repeated unsuccessful appeals to the Nana Addo-led administration to restore his collapsed businesses.
Mr. Nduom, whose renowned GN Bank had its license revoked by the Bank of Ghana (BoG) in 2018 as part of the government’s financial institutions reform program, explained that he has reached out to various stakeholders, including traditional leaders, bishops, and government officials, to help salvage his businesses.
Another of his ventures, Gold Coast Fund Management, was similarly affected by the reform, leading to the loss of about 6,000 direct jobs that he had created across the country.
He explained that his companies had relied on GN Bank for their financial operations, including salary payments, and the bank’s closure left funds locked up by the BoG, which, in turn, crippled his other businesses.
In a Facebook discussion titled “Disappointed but Not Discouraged,” Mr. Nduom stated that since 2018, he has taken various measures to appeal to the government for help, expressing his frustration over the lack of support.
“I have been speaking to people—chiefs, bishops, all manner of individuals, even people in this administration,” Mr. Nduom said. “I have been asking them to help, writing petitions to the Akufo-Addo administration, saying let’s come together and find a solution, with the main intent being to ensure the safety and security of customers’ funds. But unfortunately, all my efforts have been in vain.”
Mr. Nduom emphasized that his main reason for urging the restoration of GN Bank is to “get our licences back and get the business going so that the jobs will be restored, and more importantly, to secure the investment funds of our customers.” However, his attempts have thus far been fruitless, leading him to turn to the public for support.
He further explained that he is sharing his story with urgency, as he hopes that President Nana Akufo-Addo might reconsider before his administration leaves office.
Mr. Nduom has also started a weekly Facebook broadcast to engage the public on topics including Ghana’s economy and the status of his businesses, using this platform to propose economic solutions and raise awareness about his ongoing challenges.