Nduom speaks after BoG closed down GN Savings; reveals government owes him

Nduom speaks after BoG closed down GN Savings; reveals government owes him

- Dr. Papa Kwesi Nduom, owner of GN Savings has rejected reports that Bank of Ghana has closed it down

- He said he has not received any official letter from BoG to that effect

- Nduom also described the content of the document containing the revocation as fake

- He said the information contained in there are inconsistent and does not reflect the agreement GN Savings had with BoG

- An obviously angry says if GN Savings is to be closed down, the Ministry of Finance should order itself and government agencies to pay amount owed “GN Savings and other related entities”

Dr. Papa Kwesi Nduom, the chairman and CEO of Groupe Nduom, owner of GN Savings, has spoken on widely spread reports that his financial company has been closed down by the BoG.

In a lengthy post YEN.com.gh sighted on his Facebook page, Nduom denied the reports on the basis that he has not received any official letter from BoG communicating the revocation of license to him.

He also described the information contained in the revocation document as false and inconsistence.

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“Neither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership,” Nduom wrote.

He added that GN Savings had had meetings with BoG and the Ministry of Finance, with assurances that balances owned GN Savings were far in excess.

“We are aware that the MoF has previously confirmed that balances due to GN Savings and other related parties are far in excess of the amounts quoted in the communication from the BoG,” he explained.

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Given the above, Nduom believes that if there has been a change calling for the revocation of the GN Savings’ license, then the MoF and other government agencies owing the financial institutions must all pay.

Our position is that GN Savings is not only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities. We expect this matter to be resolved in due course,” he warned.

Meanwhile, 22 other companies were also closed down by the BoG citing various reasons.

This was contained in an earlier report by YEN.com.gh.

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Source: Yen

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