The Hard Truth About… BoG’s $62 Million Transfer 


It has now emerged that Bank of Ghana (BoG) was economical with the truth concerning the transfer of US $62 million abroad by the defunct GN Savings.


Whatever the reason was for the Ernest Addison-led BoG to peddle falsehood about GN Savings when on August 16, 2019, the central bank revoked the licenses of 23 Savings and Loans companies and some financial institutions including GN Savings, is something management of the company, which is a member of Groupe Nduom, still cannot fathom.


But it is clear that the central bank was bent on destroying owners of indigenous Ghanaian banks, particularly those perceived to be opponents of their political pay masters.


The BoG – with its so-called clean-up exercise in the banking sector- sought to create the false impression with the chain of events that resulted in the liquidity challenges faced by the bank, but Today’s investigations found otherwise.


For example, the BoG, in its statement, said one of the reasons it revoked the license of GN Savings, was the transfer of US$62 million belonging to depositors to its sister company, International Business Solutions (IBS) in the United States of America (USA), without recourse to the banking norms in the country.


But existing documents chanced upon by Today do not support the BoG’s claim, making its reason for revoking the license of GN Savings impotent and weak.


For instance, documentation on how transfers were made to IBS, Today uncovered, was also made available by GN Savings both physically in thousand pages and electronically to the BoG since 2018, but received no response from the central bank till date.


It is against this background that Today found out that the statement by BoG that a huge amount of “customer funds” was transferred abroad with no documentation was false, and, therefore, could not have been used to withdraw the SDI license.


The truth, rather according to our investigation, was that Groupe Nduom, through its entities, GN Bank, Gold Coast Fund Management and the Ghana Growth Fund Company, had over the past several years pre-financed infrastructure development in Ghana to the tune of approximately GHS 14 billion.


These included over 600 roads, bridges, schools, and other critical additions to Ghana’s infrastructure which were made possible by funds mobilised and invested by these companies.


The financing of these projects, Today further uncovered, was structured as loans (when from the bank) and commercial paper (when from Ghana Growth Fund Company), representing a significant proportion of the placements.


Also, all the products procured by IBS for GN Savings sister companies, Today uncovered, were all imported and all required foreign currency.


The products which IBS purchased , our investigations further found  out,  included the  Ford, Dodge  and Fiat vehicles  which are being driven  by company managers  and the hundreds of bright yellow AKSA  generators all here in Ghana in plain sight.


IBS, Today further gathered, has for the past 12 years provided a variety of services including procurement and management consulting to sister companies such as GN Savings, Coconut Grove Hotels, EPPL and Fresh




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