Dr Paa Kwesi Nduom, Global Chairman of Groupe Nduom
Dr Paa Kwesi Nduom, the Global Chairman of Groupe Nduom, may embark on a nationwide tour geared towards fighting for the return of the collapsed GN Bank.
In a social media post sighted by GhanaWeb, Dr Nduom mentioned that he will be going back to the people, the clients of GN Bank, to explain to them exactly what happened and how his bank collapsed.
He wrote, “We owe it to a duty to explain to the people how our journey that started in 1997 was disrupted in 2019. GN Bank was one of the most liquid ones and served over a million people out of 300 locations. I am returning to the same towns, markets and locations to tell the people what has happened.”
According to Dr Nduom, the collapse of his bank was state-sponsored as banking policies then made it impossible for GN Bank and other Ghanaian banks to survive the banking sector cleanup.
“We embarked on a tour of the country in 2018/19 to save Ghanaian banks and jobs. They didn’t mind us. They rather fanned the flames that led to a run on our indigenous Ghanaian banks. Which bank in the world can survive panic withdrawals and state-sponsored liquidity crisis.”
In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies which included the GN bank.
The bank subsequently sought legal action challenging the revocation of GN Savings and Loans’ license by the Bank of Ghana (BoG).
But in January 2024, an Accra High Court presided over by Justice Gifty Addo Adjei, upheld the legality of the Central Bank’s decision, emphasising the institution’s right to revoke the license due to governance deficiencies that rendered GN Savings and Loans unable to meet its debt obligations.
EAN/BB
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