Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, is set to address Ghanaians on Facebook today as part of the ongoing campaign to reinstate GN Bank, dubbed the Bring Back GN Bank campaign.
The live broadcast will commence at 5:00 p.m. and can be viewed on Amansan Television (ATV) in Accra, Ocean 1 TV/Ahomka FM in Elmina, as well as across all GN media channels and social media platforms.
In his announcement on Facebook, Dr. Nduom indicated that this third phase of the #BringBackGNBank campaign will focus on media engagement, revealing additional facts and evidence supporting the restoration of the bank’s license, which was revoked.
The campaign initially launched in July and has since visited ten regions, including Upper East, Upper West, and Northern regions. It has effectively educated the public on the circumstances surrounding the revocation of GN Bank’s savings license.
There has been a growing call from citizens, including traditional leaders, religious figures, traders, politicians, educators, and health workers, for the reinstatement of what is often referred to as “the People’s Bank.”
Economists have pointed out that the abrupt closure of such a nationwide bank has exacerbated microeconomic challenges across the country. Investigations indicate that no other licensed national financial institution has effectively supported local economies in the same way GN Bank did.
Numerous small businesses have either shut down or reduced their operations significantly. Dr. Papa Kwesi Nduom, Chairman of Groupe Nduom, emphasized that the purpose of the Bring Back GN Bank campaign is to clarify the bank’s history and highlight its significant role in expanding banking access throughout the country, the challenges it faced, and the necessity of restoring its license.
He noted that efforts to engage the current government—particularly the former Minister of Finance, Ken Ofori-Atta—and the Bank of Ghana (BoG), as well as institutions like the House of Chiefs and various religious organisations, have not produced favourable outcomes. This lack of progress has prompted the need to publicly share the bank’s story.
On August 16, 2019, the BoG revoked the licences of 23 savings and loan companies, including GN Savings, which had only received its licence in January 2019 after GN Bank was reclassified as a universal bank.
Dr. Nduom expressed his desire to regain the universal banking status due to significant investments made in technology, expansion, and workforce development.
GN Bank has consistently stated that it is owed a considerable amount of money by the government and its agencies, which, if paid, could have helped recapitalize the bank and addressed both real and perceived challenges.
The company has submitted a demand letter to the Akufo-Addo Administration for over GHS7.5 billion, but the administration and its agencies have not responded, despite acknowledging receipt of the letter.