Groupe Nduom Challenges Bank of Ghana’s Assertions on GN Savings

by Louisa Afful
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Groupe Nduom has contested the Bank of Ghana’s (BoG) assertions concerning GN Savings since August 16, 2019. The BoG defended its decision to revoke GN Bank’s license, citing significant regulatory violations and non-compliance with financial regulations and banking standards as reasons for the revocation. The central bank stated that GN Bank’s failure to meet requirements for capital adequacy, liquidity, governance, and risk management had compromised its operational stability.

In response, Groupe Nduom issued a statement on Sunday, June 16, disputing the BoG’s declaration of GN Savings’ insolvency as based on “wildly inaccurate” information. They demanded the restoration and upgrading of GN Savings’ license, asserting that the BoG’s claim of insufficient funds, citing GHS30.33 million, was incorrect. Groupe Nduom maintained that GN Savings had more funds available than what the BoG had indicated. They called on the BoG to acknowledge its mistake and rectify the situation, highlighting their claim that GN Savings had complied with all regulatory requirements and was moving positively in its operations.


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