Groupe Nduom has officially disputed the Bank of Ghana’s (BoG) narrative regarding the license revocation of GN Savings in 2019.
In a statement released on June 16, 2024, Groupe Ndoum contested BoG’s insolvency claims made about GN Savings, citing flawed information and demanded the restoration and upgrade of GN Savings’ license.
“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 GHS 30.33 million that it relied upon to declare it insolvent,” an excerpt of the statement read.
The Groupe maintained that GN Savings had fully adhered to all Bank of Ghana (BOG) regulations and had, in fact, presented a comprehensive report in June 2019, showcasing the company’s significant progress and stability.
Join our WhatsApp Channel for more news
“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 said.
The company’s leadership urged BoG to acknowledge the mistake, correct it, and settle the GHS 7.1 billion debt owed to the Groupe.
“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 GHS 7.1 billion. With this money, customers will be paid and GN Savings will have enough capital to become a universal bank once again,” it stated
Background
In August 2019, the BoG announced that GN Bank had failed to satisfy the regulatory requirements in four essential areas – capital adequacy, liquidity, governance, and risk management. This resulted in the license revocation of the financial
Some five years after, on June 14, 2024, the Bank of Ghana (BoG) defended its decision to revoke GN Bank’s license in 2019.
The Central Bank asserted that GN Bank’s disregard for key financial regulations and banking standards undermined its financial stability and as a result, it will not be able to restore GN’s banking license to operate.
The revocation of GN Bank’s license left thousands of customers in limbo, with many struggling to access their funds. The dispute has also raised concerns about the stability of Ghana’s financial sector.
