The chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has denied allegations that his defunct bank, GN Bank, illegally transferred money from Ghana to the United States for personal gain.

Addressing Ghanaians on Friday, October 4, in a Facebook live session, Dr Nduom expressed his frustration over these claims, which he described as false and maliciously fabricated.

He said; "This allegation that me, Papa Kwesi Nduom, shareholder of GN Bank and an owner of other companies, that we illegally transferred money from Ghana to the United States… Nothing could be further from the truth. And that thing was deliberately, carefully, purposefully concocted."

He explained that his professional journey began in the United States, where he earned his degrees and worked for reputable companies, including Northwestern Mutual Life Insurance and Deloitte and Touche USA.

He clarified that the money he used to establish businesses in Ghana, such as Coconut Grove Beach Resort, First National Savings and Loans (which became GN Bank), and Gold Coast Securities, came from earnings and investments he made during his time in the U.S.

"The monies that I earned, it is those monies that I took to Ghana to invest and to start the companies that we have," he said, clarifying, "It didn’t come from Ghana. The things didn’t flow from Ghana to the United States. It flowed from the United States to Ghana."

He further dismissed rumors that the alleged funds were used to acquire a bank in Chicago, reiterating that his investments in Ghana were made with money earned abroad.

"Some people even go further to say that it is that money that was used to acquire a bank in Chicago. Nothing could be further from the truth," Dr Nduom stated.

He stressed that he had not transferred any funds from Ghana for these purposes and noted that, in fact, he had lost money when he entered public service as a minister in former President Kufuor's administration.

He explained that he appointed former Supreme Court Judge, Justice Seth Twum as a trustee to oversee his companies, ensuring that there was no conflict of interest.

"From 2001 until 2007, he was in charge," he said, adding, "I didn’t go into government to make money, I rather put money there."

Dr. Nduom stressed that, unlike others who may seek personal gain, he contributed to the nation by bringing in assets rather than liabilities.

He expressed his frustration with the false narratives surrounding his business and political career, stating, "I’m not amused when people walk around and think we’re all the same. We’re not the same."

He urged those spreading these rumors to "revise their notes" and understand that his contributions to Ghana were made with integrity.

 Dr. Nduom maintained that his businesses in Ghana were built from his hard-earned money in the U.S., and not through the illicit transfer of funds from Ghana.

"Monies earned in the U.S. came to Ghana and used those monies to start companies," he added.