Groupe Nduom has contested the Bank of Ghana's (BoG) statements regarding GN Savings from August 16, 2019.

On June 14, the BoG defended its decision to revoke GN Bank's license in 2019, asserting that the revocation was due to significant regulatory violations. 

The Central bank claimed that GN Bank's failure to adhere to critical financial regulations and banking standards jeopardized its operational stability.

The BoG implied that it cannot restore GN Bank's license as demanded by the bank's management. 

In its August 2019 statement, the BoG detailed that GN Bank failed to meet requirements for capital adequacy, liquidity, governance, and risk management.

However, Groupe Nduom, in a release on Sunday, June 16, argued that the BoG’s declaration of GN Savings' insolvency was based on “wildly inaccurate” information. 

The group demanded the restoration and upgrade of GN Savings’ license, asserting that the BoG's claim of insufficient funds was incorrect. 

Groupe Nduom also stated that GN Savings had more than the GHS30.33 million cited by the BoG in its decision.

“The statements Bank of Ghana (BOG) issued on August 16, 2019, regarding GN Savings are wildly inaccurate. BOG was aware that GN Savings had available to it more than the GHS30.33 million that it relied upon to declare it insolvent; GN Savings was not allowed by regulation and GN Bank did not engage in illegal foreign currency transfers; GN Savings complied with all requirements laid down by BOG as a savings and loans company and wrote a detailed report in June 2019 to prove that its business was moving positively forward.”

“These facts are indisputable. BOG made a mistake that it must admit to and correct. Today, the Government of Ghana, its agencies and contractors owe Groupe Nduom companies over GHS7.1 billion. With this money, customers will be paid and GN Savings will have enough capital to become a universal bank once again,” portions of the statement said.