Some residents of Elmina in the Komenda Edina Eguafo Abirem (KEEA) Municipality of the Central Region have issued a stern one-week ultimatum to the government to restore Dr Papa Kwesi Nduom's collapsed businesses or face the wrath of their gods.

The aggrieved residents staged a peaceful protest, marching through some principal streets of Elmina, and expressed their dissatisfaction with what they described as a deliberate attempt by the government to destroy the legacy of their "industrious son." The protestors carried placards, lit lamps as symbols of their resolve, and chanted slogans as they demonstrated their commitment to seeking justice for Dr Nduom.

The leader of the group, John Quansah, known in the community as Manoma who addressed the media, emphasized the spiritual gravity of their actions.

"We are giving the government one week to restore Dr Papa Kwesi Nduom's businesses or face the wrath of our gods. Today is Tuesday, and anytime we engage our gods on such days, they respond swiftly," he declared, stressing their belief in divine intervention to address the situation.

The group also accused the former finance Minister, Ken Ofori-Atta of masterminding the collapse of GN Savings and Loans, adding that the situation could have been resolved without revoking GN bank’s license.

"We know that the collapse of GN Savings and Loans was masterminded by Ken Ofori-Atta. This was not an issue that required revoking the license. The situation could have been resolved if there had been goodwill. Instead, they chose to destroy the businesses of a man who worked tirelessly for this country" Mr Quansah Added.

Maame Afua, one of the leaders of the protest, attributed the collapse of Dr Nduom’s businesses to political witch-hunting by the current administration. She contrasted the relationship Dr Nduom had with previous governments to the treatment he has faced under the governing New Patriotic Party (NPP).

"Dr Nduom has served this country faithfully through his businesses and his political engagements. Previous governments, regardless of their political affiliation, recognized his efforts and worked with him. But this current NPP government has chosen to destroy everything he has built. This is nothing short of a political witch-hunt," she said.

The demonstration saw men, women, the elderly, and children joining forces to support their cause.

Many young people said the closure of Groupe Nduom’s businesses represents more than just lost jobs.

"Dr Nduom gave us opportunities when no one else did. We cannot sit back while the government destroys what Dr Nduom has built for us. This is our fight, and we will not stop until our father and mentor get what has been taken from him" he added.

Background

Between 2017 and 2019, Ghana’s financial sector underwent a significant restructuring aimed at addressing systemic challenges, including insolvency, regulatory breaches, and poor corporate governance issues.

This exercise, spearheaded by the Bank of Ghana (BoG), resulted in the closure or consolidation of several banks, savings and loan companies, and microfinance institutions.

While the government argued that the clean-up was necessary to protect the financial system, some industry players argued that it could have been done properly without causing the massive losses that occurred.