Groupe Nduom has maintained that the Bank of Ghana’s declaration of GN Savings’ insolvency was based on “wildly inaccurate” information.
The group has therefore demanded the restoration and upgrade of GN Savings’ license, adding that the BoG’s claim of insufficient funds was incorrect.
This was contained in a statement issued by the Groupe Nduom contesting the Bank of Ghana’s statements regarding GN Savings from August 16, 2019.
The central bank in a statement issued on June 14, 2024 defended its decision to revoke GN Bank’s license in 2019.
The bank stated that the revocation was due to significant regulatory violations.
It explained that GN Bank’s failure to adhere to critical financial regulations and banking standards affected its operational stability.
The BoG also informed Groupe Nduom that it cannot restore GN Bank’s license as demanded by the bank’s management.
But the company reacting said that GN Savings had more than the GHS30.33 million cited by the BoG in its decision.
“The statements Bank of Ghana (BOG) issued on August 16, 2019, regarding GN Savings are wildly inaccurate. BOG was aware that GN Savings had available to it more than the GHS30.33 million that it relied upon to declare it insolvent; GN Savings was not allowed by regulation and GN Bank did not engage in illegal foreign currency transfers; GN Savings complied with all requirements laid down by BOG as a savings and loans company and wrote a detailed report in June 2019 to prove that its business was moving positively forward.”
“These facts are indisputable. 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,” portions of the statement said.
Below is the full statement from Groupe Nduom
By: Rainbowradioonline.com/Ghana
