Nduom hints at #BringBackGNBank nationwide campaign

The Global Chairman of Groupe Nduom, Dr Paa Kwesi Nduom has hinted at an impending nationwide tour seeking to campaign for the return of the collapsed GN Bank.

In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies which included the GN bank.

The bank subsequently sought legal action challenging the revocation of GN Savings and Loans’ license by the Bank of Ghana (BoG).

But in January 2024, an Accra High Court presided over by Justice Gifty Addo Adjei, upheld the legality of the Central Bank’s decision, emphasising the institution’s right to revoke the license due to governance deficiencies that rendered GN Savings and Loans unable to meet its debt obligations.

After the ruling, the bank indicated that it was going to appeal that decision.

However, in a series of Facebook posts in the last few days, the bank’s founder, Dr Papa Kwesi Nduom, has been given a hint about what to expect in the coming days regarding the defunct financial institution.

Some of the bank’s assets in the 300 branches nationwide have been left to rot in some parts of the country.

Dr Nduom posted images and videos showing the current state of the bank’s assets.

One of the Facebook posts on May 1, 2024, read “Why #BringBackGNBank National Tour?
We embarked on a tour of the country in 2018/2019 to save Ghanaian banks and jobs. They didn’t mind us. They rather fanned the flames that led to a run on our indigenous Ghanaian banks. Which bank in the world can survive panic withdrawals and state-sponsored liquidity crises?

In another post, Dr Nduom said, “#BringBackGNBank Soon, we will embark on a nationwide tour of all 300+ GN Bank locations. We will tell our story directly to the people and let them be the judges on whether the People’s Bank should come back or not.

If you live close to any one of the locations, help us clean its surroundings and join us in Wulensi, Wa, Widana, Daman, Kwame Danso, Kyekyewere, Gwollu, Tsito, and other locations, very soon. Join our campaign for jobs and small business development.

After sharing images of N Bank’s assets at Kokuedor in the Volta Region, Dr Nduom said “We asked for joint management of assets. We took the request to court. We have sent petitions. This is where we are, like this, all over the country. It took a judge four years to come and tell us to pursue the Ministry of Finance to retrieve debts owed to contractors in order to get our license back. After she had ordered the removal of the Minister of Finance from the list of those we had sued in court! And someone said, “This is Ghana for you.” But does it have to be like this?