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

The BoG, on June 14, defended its decision to revoke GN Bank's license, 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 highlighted issues related to capital adequacy, liquidity, governance, and risk management, stating that these deficiencies necessitated the revocation of GN Bank's license. Furthermore, the BoG implied that restoring GN Bank's license, as demanded by the bank's management, was not feasible.

In a release on Sunday, June 16, Groupe Nduom 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 stated that GN Savings had more than the GHS30.33 million cited by the BoG in its decision.

The group emphasized that GN Savings complied with all regulatory requirements and that the BoG was aware of this.

“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,” the statement read.

Groupe Nduom asserted that the BoG's decision was a mistake that must be admitted and corrected. They also highlighted that the Government of Ghana, its agencies, and contractors owe Groupe Nduom companies over GHS7.1 billion.

They argued that with these funds, GN Savings could pay its customers and have enough capital to be restored as a universal bank.

“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,” the statement concluded.

2024.06.15-GN-Bank-Press-ReleaseDownload