Owner of the now-defunct GN Bank, Dr. Paa Kwesi Nduom has reacted to his bank being downgraded to a Savings and Loan Company saying, his outfit is looking forward to an assurance by the Bank of Ghana (BoG), to help them retrieve monies owed them by government to strengthen their finances.
The Bank of Ghana on Friday January 4, 2019 announced that GN failed to meet the mandatory minimum capital of ¢400 million by the deadline given.
"Consequently, GN Bank has applied for, and the Bank of Ghana has approved the grant of a savings and loans company licence. The Bank of Ghana has also approved a transition plan submitted by GN for winding down aspects of its business which are not compatible with a savings and loans company licence,” Governor of the Bank of Ghana, Dr Ernest Addison revealed.
Speaking on the turn of events on social media, Dr. Nduom disclosed that there were rife discussions between BoG and GN Bank to ensure the payment of all the monies Government owed the bank in order for the bank to meet its liquidity targets, but all such discussions failed to materialize.
Dr. Nduom, however, refused to state how much money Government owes his bank.
He was however of the view that the bank which is now a savings and loans company should be able to operate successfully, if government pays all the monies owed them.
“We have some money with the Government of Ghana and that money was coming rather slowly and it was not to argue with anyone, but we said if that is the case, we will rather wait for that money to come and if the money comes, we will be more strengthened than anything else. But what I’m even more interested in, is the Bank of Ghana knowing that we have some monies to collect from the Government of Ghana, saying that it will assist us to even collect some of the monies quickly so that we will have the liquidity that we need in order to operate successfully," he added.
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