The President of Groupe Nduom, Dr Paa Kwesi Nduom petition the flagbearer of the National Democratic Congress , John Dramani Mahama to reinstate GN Bank’s license if elected president in the 7th December election.
During a meeting with John Dramani Mahama yesterday 19th July 2024 in Accra, Dr. Paa Kwesi Nduom personally appealed to the flagbearer to restore GN Bank’s operating license, revoked by the Bank of Ghana in 2019, highlighting the plight of thousands of stranded customers and affected businesses.
“We believe that if this administration doesn’t give us our license before they leave and start paying the money before they leave, we believe that the next one, will understand the situation and give the licence back. So we are continuing with the hope and preparing and working our plans with the hope that, at some point, we will get the licence back and we’ll bring the jobs back. Because it is the jobs, that we are also looking for.”
“So we feel that collapsing a 300-branch financial entity is inimical to the economic interest of the country. So whether it even belongs to us or belongs to someone else, it is something that needs to be there,” he added.
The flagbearer of the National Democratic Congress pledges to restore the license counting on the votes of the people of Ghana.
He also also criticized the decision of the current administration led by H.E Nana Akufo Addo to revoke the licences of some Indigenous financial institutions as part of the 2019 banking sector cleanup, describing it as a hasty action.
“I do think that government was hasty in what it did. If you look at the criteria that was used, I mean, it didn’t fit. It was, it was not a one-size-fits-all-all. I mean, it was just like different rules for different, folks and so, yes, as you said, a lot of these banks had also financed government suppliers and contractors and the government owed them and they owed the banks.”
“But how would they recover that money if you don’t pay the contractors to pay them? And so I do think that it was hasty, and it’s affected indigenous capital in the financial and banking sector. And we have pledged that we would work to restore, you know, the capital of indigenous businesses in the financial sector.”
“So we are advocating an independent review of the processes that went into the banking sector clean up and where we believe these were unjustifiable, look at the restoration of the licenses of these banks,” he stated.
Story by: Michael Seh
