Groupe Nduom has challenged the Bank of Ghana’s (BoG) rationale behind the revocation of GN Bank’s license in August 2019. Recently, on June 14, the BoG defended its decision, citing significant regulatory infractions that compromised GN Bank’s operational stability.
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According to the BoG, GN Bank failed to meet essential financial regulations and banking standards, including capital adequacy, liquidity, governance, and risk management requirements. The central bank implied that it cannot comply with GN Bank’s request to reinstate its license.
In response, Groupe Nduom issued a statement on Sunday, June 16, contesting the BoG’s assertions of GN Savings’ insolvency as based on “wildly inaccurate” information.
The group demanded the immediate reinstatement and elevation of GN Savings’ license status, arguing against the BoG’s claim of insufficient funds.
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Groupe Nduom clarified that GN Savings possessed more than the GHS30.33 million mentioned by the BoG in its decision, asserting compliance with all regulatory mandates and denying allegations of illegal foreign currency transactions.
“The statements issued by the Bank of Ghana on August 16, 2019, regarding GN Savings contain inaccuracies. GN Savings had access to funds exceeding GHS30.33 million, contrary to the BoG’s declaration of insolvency,” Groupe Nduom stated emphatically.
The group further called on the BoG to rectify its mistake promptly, emphasizing that GN Savings’ reinstatement as a universal bank is crucial for its customers and operations.
“Today, the Government of Ghana, its agencies, and contractors owe Groupe Nduom companies over GHS7.1 billion. With these funds, customer obligations can be met, and GN Savings can regain the necessary capital to resume operations as a universal bank,” the statement concluded.
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