Audio By Carbonatix
The owner of the defunct GN Bank has issued a passionate appeal to Dr Ernest Addison, the Governor of the Bank of Ghana (BoG), to consider new evidence and reinstate the bank’s license, which was revoked due to alleged insolvency.
Dr Kwesi Nduom urged the central bank to maintain the assets of GN Bank in good condition, arguing that they are ready to resume operations.
He said the bank’s assets are still viable and could thrive if the license is reinstated.
In 2018, the BoG’s efforts to consolidate the banking sector led to the revocation of licenses from several financial institutions, including GN Bank.
On June 14, the BoG justified its decision, citing significant regulatory breaches and claiming that GN Bank failed to meet crucial financial regulations and banking standards, which threatened its operational stability.
In a Facebook post on Sunday, June 23, Dr Nduom vehemently disputed the BoG’s claims about GN Bank’s capital inadequacy.
He implored Dr Addison to reexamine the evidence from the 2019 GN Savings and Loans transition report, which he says shows that the bank had sufficient funds.
“So, when people ask what do you want? All that we’re saying is that recognise that indeed there was more money there than was said to be just proof. Recognise the proof. Someone has said somewhere that give me new facts and I will change my mind. We have given and continue to give new facts to the BoG.
“All that we’re asking the Governor, Dr Addison, is to take a look at the new facts, recognise them for what they are and give us back our license, give us back our assets. Make sure the assets are in good condition, and let’s move on.
“Even in the reclassified state as a savings and loans company, we are prepared to start working. And we know once all the accounting is done, once the funds start coming in, everybody will realise that the 305-branch network of GN Savings will deserve to become a universal bank—GN Bank again. That is it.”
Dr. Nduom envisions employing thousands of people once their license is reinstated.
“What we are looking for is to go back and put thousands of people back to work and 100s of branches, so that financial inclusion can resume.”
He highlighted that the requirement for a savings and loans company is GHC15 million.
“Even the GHC30.3 million that the finance ministry erroneously told the BoG that Group Nduom companies had, Even if we took that money, and paid it, which still they haven’t paid.
"If they paid us and we paid into GN Savings, That would have been able to give us the capital required to continue on our savings and loans. But we said in our books, GHC2 million.
“In addition, we had properties and other related buildings, including the many branch buildings put up by some of our companies. We said we would give it to the organisation to shore its capital.
“It was all rejected, and these are the same buildings that BoG’s appointed receiver went around hurriedly to put locks on the gates and buildings and walked away. Left them to rot, all of those things still there.”
Latest Stories
-
Giuliani recovering from pneumonia and ‘now breathing on his own’
3 minutes -
Blake Lively and Justin Baldoni settle lawsuit over It Ends With Us film
5 minutes -
Devastating fire destroys house in Okpoi Gonno
16 minutes -
Korle Bu doctors suspend strike action after management intervention
37 minutes -
Diaspora African Forum commits to advancing Ghana’s diplomatic agenda
52 minutes -
BoG’s negative equity doesn’t mean it is policy insolvent – Attah Issah
53 minutes -
Deliver or lose the deal – Roads Minister issues final warning to non-performing contractors
57 minutes -
One Humanity Beach Soccer Cup postponed over tidal damage to Laboma Beach venue
1 hour -
Amaniampong SHS teacher allegedly assaults student for skipping school’s all-night service
1 hour -
Government engages large-scale mining companies on GANRAP
1 hour -
‘3 Faces of Jeffrey Nortey’ returns June 12 with film, stage and street twist
2 hours -
UPSA to host 9th Mini GUSA Games from May 5
2 hours -
BBC Industrials marks Global Safety Day with road marking drive in Tema
2 hours -
IMF urged to come clean on Bank of Ghana losses
2 hours -
Soyalana Community Gala ignites football fever in Tolon
2 hours