Groupe Nduom has contested the Bank of Ghana’s (BoG) statements regarding GN Savings from August 16, 2019. On June 14, the BoG defended its 2019 decision to revoke GN Bank’s license, citing significant regulatory breaches as the rationale behind the action.
The Central Bank asserted that GN Bank failed to comply with essential financial regulations and banking standards, jeopardizing its operational stability. Consequently, the BoG implied it could not restore GN Bank’s license as demanded by its management.
The Central Bank referenced an August 2019 statement that outlined the reasons for the license revocation, including deficiencies in capital adequacy, liquidity, governance, and risk management requirements.
In response, Groupe Nduom issued a release on Sunday, June 16, claiming that the BoG’s declaration of insolvency for GN Savings was based on inaccurate information and demanded the restoration and upgrade of GN Savings’ license.
Groupe Nduom refuted the BoG’s claim of insufficient funds, asserting that GN Savings had more than the GHS30.33 million cited by the BoG in its insolvency declaration.
The group maintained that GN Savings was compliant with all BoG regulations and had submitted a detailed report in June 2019 demonstrating positive business progress.
Additionally, Groupe Nduom highlighted that the Government of Ghana and its agencies owed Groupe Nduom companies over GHS7.1 billion.
The group argued that if these debts were paid, not only would customers be compensated, but GN Savings would also have sufficient capital to qualify as a universal bank once again.
Groupe Nduom stated that it had sought justice through legal channels and petitioned influential figures, including President Nana Akufo-Addo and Vice President Mahamudu Bawumia. The group called for the BoG to acknowledge and correct its mistake.
The release from Groupe Nduom emphasized that the BoG’s August 16, 2019 statements regarding GN Savings were wildly inaccurate and that the BoG was aware that GN Savings had more than the GHS30.33 million relied upon to declare it insolvent.
Groupe Nduom also clarified that GN Savings complied with all BoG requirements for a savings and loans company and had provided a detailed report in June 2019 demonstrating its positive business trajectory.
The group asserted that the BoG made a mistake that must be corrected and highlighted that with the owed GHS7.1 billion, GN Savings could pay its customers and regain sufficient capital to become a universal bank again.
