Groupe Ndoum Bank (GN Bank) led by its founder, Dr Paa Kwesi Ndoum is on a nationwide reassurance tour in a bid to regain the banking license it lost during the banking cleanup that swooped the country in 2018.
Addressing the bank customers during a tour in the Eastern Region, he stressed that the #BringBackGNBank movement is a collective effort towards promoting local economic growth and development and a repeat of a similar national tour that happened in 2018/19.
With over 300 branches, GN Bank became the largest retail bank in Ghana and the tour aims to demonstrate how this widespread banking coverage could promote economic growth and development in every corner of the country.
According to Dr Nduom, as expected, the gap left by the collapse of Ghanaian-owned banks remains unfilled, indicating that foreign-owned banks and large commercial banks cannot fill this gap.
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He added that the tour is to reaffirm the bank’s dedication to its shareholders and provide clarity on the events that led to the bank’s collapse.
“The tour is to reiterate the commitment of the bank’s shareholders to the revival of the bank and their resolve to bring safe banking to the people’s doorstep everywhere in the country. It is also to explain the circumstances that led to the withdrawal of the bank’s licence and explain how the shareholders are working to return to the field,” Mr Nduom said.
He expressed the hope that the tour would persuade the current or future government to reinstate the bank’s license and continue to serve Ghanaians.
“It is the Groupe Nduom’s belief that by telling its story of support to the people, and the role the company can play to revive the local economy, the current government administration or the next one will listen to the people; and make sure that GN Bank comes back to serve its critical and useful role; with products and services in more than 300 locations countrywide,” he said.
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Engaging stakeholders earlier, the group’s president, Dr Ndoum indicated that, if the government had settled its debt to the contractors who owed the bank, it would have been in a stronger financial position at the time of the license revocation, potentially avoiding the regulatory action.
“A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest. So the government of Ghana and its agencies, if they had paid us even one-third of that money to the contractors six years ago, there wouldn’t be a Gold Coast or Black Shield problem. There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies. So today, what we are asking is we are saying let them pay the money,” he said
Dr Ndoum proposed that if the government lacks the necessary funds, a middle-ground solution could be explored, where both parties share the burden.
“If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” he added.
