By Leticia Osei | June 24, 2024
Dr. Kwesi Nduom, the owner of the defunct GN Bank, has made a heartfelt plea to Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG). He urges the BoG to pay attention to new facts and reinstate GN Bank’s banking license and restore its assets, which were revoked due to insolvency.
In 2018, the BoG consolidated the banking sector, leading to the revocation of licenses from several financial institutions, including GN Bank. The Central Bank cited significant regulatory breaches, including capital adequacy, liquidity, and governance issues.
Dr. Nduom vehemently disputes the BoG’s assertion that GN Bank lacked sufficient capital adequacy. He implores Dr. Addison to reexamine evidence from the 2019 GN Savings and Loans transition report, which reveals that the bank had sufficient funds in its accounts.
Dr. Nduom emphasizes that GN Bank is ready to resume operations, and its assets remain viable. He envisions employing thousands of people once the license is reinstated. Financial inclusion can thrive with GN Bank’s 305-branch network.
The spirit of faith drives Dr. Nduom’s determination to revive GN Bank, ensuring financial services for many. Let us recognize the proof, restore the license, and move forward.
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