Groupe Nduom Demands Restoration of GN Banks License From BoG

In a strongly worded statement released on June 16, Groupe Nduom has contested the Bank of Ghana’s (BoG) claims regarding GN Savings, which was revoked in August 2019.

The group demands the restoration and upgrade of GN Savings’ license, citing what it calls “wildly inaccurate” information provided by the central bank.

According to Groupe Nduom, the BoG’s decision to revoke GN Bank’s license was based on incorrect information regarding the bank’s capital adequacy, liquidity, governance, and risk management. The group claims that GN Savings had more than the GHS30.33 million cited by the BoG as the reason for its insolvency.

The statement emphasized that GN Savings had available funds exceeding the amount cited by the BoG and that the bank did not engage in illegal foreign currency transfers. Additionally, Groupe Nduom alleged that GN Savings complied with all requirements set by the BoG as a savings and loans company and submitted a detailed report in June 2019 detailing the bank’s positive progress.

Also read;Buy Cheap MTN and AirtelTigo Data Here

“We believe that these facts are indisputable,” said Groupe Nduom. “The 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 GHS7.1 billion. With this money, customers will be paid and GN Savings will have enough capital to become a universal bank once again.”

This development is significant as it highlights the controversy surrounding the revocation of GN Bank’s license in 2019. The BoG had claimed that the bank’s failure to adhere to critical financial regulations and banking standards jeopardized its operational stability. However, Groupe Nduom’s statement suggests that this may not be entirely accurate.

The dispute between Groupe Nduom and the BoG is likely to continue, with both parties presenting their respective cases. The outcome of this dispute will have significant implications for the financial sector in Ghana and may set a precedent for future regulatory decisions.

In the meantime, customers who were affected by the revocation of GN Bank’s license are likely to be monitoring developments closely, hoping for a resolution that will restore their confidence in the financial system.

Kindly share our story on; Groupe Nduom Demands Restoration of GN Banks License From BoG

2024.06.15-GN-Bank-Press-Release

For more stories; click Here.