Nduom to speak next week on GN Savings & Loans closure

Founder of the Progressive People’s Party (PPP) and Chairman of GN Savings and Loans, Dr. Papa Kwesi Nduom, will speak to the public next week on issues surrounding the revocation of the licence of his business entity and others by the Bank of Ghana (BoG).

The Ghana Report can confirm the former presidential candidate and minister during the John Kufuor’s government will address in detail, issues about the revocation of the licence of GN Savings and Loans on Friday.

A statement released shortly after the Bank of Ghana’s announcement of the revocation urged its customers to remain calm while they resolved the matter.

“GN Savings and all other concerned stakeholders will respond with more detail  shortly, but in the meantime, we pray that all customers and stakeholders remain  calm while we work through this matter with the relevant parties,” the statement said.

The statement added the company would have been highly liquid if the government had paid monies owed his Savings and Loans Company.

“Our position is that GN Savings is not only solvent, ​but would be highly liquid if  the MoF simply ordered itself and other government agencies to quickly pay  amounts owed to GN Savings and other related entities​. We expect this matter  to be resolved in due course,” extracts of the statement read.

The BoG on Friday, August 16, 2019, revoked the licences of GN Savings and Loans and 22 other insolvent savings and loans companies and finance house companies.

According to the BoG, GN Savings and Loans, despite its reclassification from a universal bank to a savings and loans company in January this year, was unable to resolve its liquidity crisis.

For now, customers of GN Savings and Loans Company and the other 22 institutions now in receivership are quite apprehensive and looking forward to how the development would be resolved in order for them to get access to their deposits.