GN Bank downgrade: We're working hard to do better – Nduom assures customers

Owner of the now-defunct GN Bank, Dr. Paa Kwesi Nduom has reacted to his bank being downgraded to a savings and loan company.

The Bank of Ghana on Friday January 4, 2019 announced that GN failed to meet the mandatory minimum capital of ¢400 million by the deadline given.

"Consequently, GN Bank has applied for, and the Bank of Ghana has approved the grant of a savings and loans company licence. The Bank of Ghana has also approved a transition plan submitted by GN for winding down aspects of its business which are not compatible with a savings and loans company licence,” Governor of the Bank of Ghana, Dr Ernest Addison revealed.

Dr Nduom who was not happy with the turn of events, took to social media saying: "all these problems were created deliberately by some people.

According to him, "if government paid us even 10% of what it owes us, we will have enough liquidity to serve our customers".

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“For all those wondering what’s going on. First let me assure you that I operate on the principle that every problem has a solution. We are working to keep GN Bank doors open come 2019. The Gold Coast Fund Management problem needs a long term solution and we will put one there. Eventually it will work. It needs goodwill. All these problems were created deliberately by some people. The end game they wanted is total collapse of all Groupe Nduom entities. But we are down into the fabric of this country, Ghana. We are inextricably linked to everything Ghanaian. It is difficult now, yes. We are working hard to do better. Please keep the faith.

“We do not aspire to finance oil and gas and big money ventures. We like to work ordinary people and small towns. We are NOT a High Street bank. So we do not need GHS400million capital. If government paid us even 10% of what it owes us, we will have enough liquidity to serve our customers. We were a successful savings and loans company for 8 years. So universal, savings and loans or Microfinance or rural bank, we will be there in business for the long term. No one should take my silence or soft spoken approach to be a sign of weakness.”