Nduom reacts to GN Savings and Loans shut down by BoG-Guess what

Papa Kwesi Nduom, Chairman and CEO Groupe Nduom has indicated that, the information put out by the BoG about the insolvency of the GN Savings and Loans widely inaccurate. This is in relations with the said close down of GN Savings and Loans Limited.

According to him there are several inconsistencies within the detailed information put into the public domain by BoG. The CEO Groupe Nduom has therefore released a press statement to that effect.

Read below

PRESS RELEASE DATE: AUGUST 16, 2019

SUBJECT: REGARDING REPORTS OF GN SAVINGS RECEIVERSHIP

It has come to the attention of Groupe Nduom Limited, the entity representing the interests of the majority shareholders and founders of GN Savings Limited, that documents are circulating that purport to be from the Bank of Ghana (BoG) regarding the receivership of GN Savings Limited.

Please note the following

1. Neither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership.

2. If these documents are indeed genuine, the statements within regarding GN Savings are wildly inaccurate.

Given the detailed information provided to the BoG nearly a year ago, these statements are inconsistent with our discussions with both the BoG and the Ministry of Finance (MoF).

We are aware that the MoF has previously confirmed that balances due to GN Savings and other related parties are far in excess of the amounts quoted in the communication from the BoG.

3. Our position is that GN Savings is not the only solvent, ?but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities?. We expect this matter to be resolved in due course.

4. GN Savings and all other concerned stakeholders will respond with more detail shortly, but in the meantime, we pray that all customers and stakeholders remain calm while we work through this matter with the relevant parties.

Sincerely yours,

Papa Kwesi Nduom, Chairman and CEO Groupe Nduom