Admit mistake and restore GN Savings’ license – Groupe Nduom to BoG

Groupe Nduom has challenged the Bank of Ghana’s (BoG) statements from August 16, 2019, regarding GN Savings.

On June 14, the central bank defended its decision to revoke GN Bank’s license in 2019, citing significant regulatory violations.

The BoG stated that GN Bank’s failure to adhere to critical financial regulations and banking standards jeopardized its operational stability.

It also indicated that it cannot restore GN Bank’s license as demanded by the bank’s management.

The central bank explained that GN Bank failed to meet requirements for capital adequacy, liquidity, governance, and risk management.

However, in a release on Sunday, June 16, Groupe Nduom argued that the BoG’s declaration of GN Savings’ insolvency was based on 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 GH₵30.33 million cited by the BoG in its decision.

They emphasized that GN Savings complied with all requirements laid down by the BoG and had submitted a detailed report in June 2019 proving its positive business trajectory.

The group also highlighted that the government, its agencies, and contractors owe them over GH₵7.1 billion.

They argued that with this money, customers would be paid, and GN Savings would have enough capital to become a universal bank once again.

Groupe Nduom urged the BoG to acknowledge and correct its mistake regarding GN Savings’ insolvency and license revocation.