- Dr Papa Kwesi Nduom, has said that the operations of the financial subsidiaries of his conglomerate have improved significantly resulting in the release of the hitherto locked-up salaries of workers
- According to Dr. Nduom some of the challenges that led to downgrade of GN Bank to Savings and Loans have been addressed while others are being worked on
- He opined that for example, workers’ salaries that were locked up have been released throughout the country
Dr. Papa Kwesi Nduom has assured that “new money” will soon be invested in the GN Savings and Loans to boost the company.
According to him, the financial institution will bounce back within the shortest possible time to meet customers’ demands.
He said more funds will soon be raised through ‘credible potential partners’ to meet the outstanding withdrawal demands of depositors.
Dr, Nduom disclosed this in a Facebook post, adding that the company is now only awaiting clearance from the Bank of Ghana (BoG) before the new investors come on board.
“For the rest of the year, our attention will be on raising funds to unlock customer funds from “old deposits” (deposits made prior to this year),” he wrote.
“Our national retail footprint has enabled the company to find credible potential partners who when cleared by the Bank of Ghana, will invest new money.”
He alos noted that workers’ salaries that were locked up have been released throughout the country.
This was after the bank failed to meet the mandatory minimum capital of GHC 400 million.
However, Dr. Ndoum maintains that the company is doing well in its current status and can only get better.
“Existing shareholders have also pledged to put in new money to provide liquidity by the end of the year. Our consistent interactions with our loan customers are yielding positive results.
“What we collect is sent to our branches to meet customer needs. I am confident that the revival of this business will continue,” he added.
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