BringGN BankBack!-Nduom

Date

Businessman and politician, Dr Papa Kwesi Nduom has said that his bank, GN Bank, that was

Collapsed during the banking sector cleanup exercise in 2019, should be brought back.

In a Facebook post on Saturday March 19, he said “Indigenous, Home Grown Product.#BringBack GN Bank……The People’s Bank!.”

During the cleanup exercise, the GN Bank was downgraded to savings and Loans Company by the Bank of Ghana for its failure to raise the new 400 million-cedis minimum requirement.

Governor of the Bank of Ghana, Dr. Ernest Addison announced on Friday January 4, 2019 that

The commercial bank license of GN Bank had been revoked.

“The GN Bank was unable to comply with the minimum capital directive by 31st December 2018. Consequently GN Bank has applied for and the Bank of Ghana has approved the grant of a

Savings and loans company license,” Governor of BoG, Dr Ernest Addison revealed at a news conference.

“The Bank of Ghana will closely monitor implementation of the approved transitional plan which is expected to be completed by the end of June 2019. In this regard, the Bank of Ghana has appointed an advisor for GN,” Dr. Addison added. The BoG revoked the licenses of twenty-three insolvent savings and loans companies and finance house companies including the GN Savings and Loans.

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