Nana Ofori Makes Case For Ghanaian entrepreneurs

Director of Operations of the Progressive People’s Party, (PPP) Nana Ofori Owusu has accused the Akufo-Addo- led government of collapsing many indigenous businesses in the country.

Mincing no words, the outspoken politician said, the collapse of some financial institutions was the hand work of the New Patriotic Party (NPP) government and not the regulators as it was being made to seem.

He claimed that, the so-called cleaning of the financial sector by the NPP’s government was to go after its political opponents and not to sanitise the sector.

Nana Ofori who was fuming with anger made these observations in an interview on ‘Kanawu’, a current affairs programme on Amansan Television (ATV) in Accra.

He told the host, Atta Kwaku Boadi that what happened to the B.A Mensahs, Siaws, Appiah Minkahs under the erstwhile Provisional National Defence Council, (PNDC) era was the same thing happening now to the Duffours, Nduoms, Amoabengs and others under Akufo-Addo’s regime

“How do you explain what has happened to Duffour, Nduom, Amoabeng and others if not political witch-hunting”, he quizzed?

The PPP’s Director of Operations who is in the race for the position of the national chairman of the party further claimed that the revocation of licenses of some banks, saving and loan companies, fund management companies including GN Bank/Savings and Loans company and Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited by the Bank of Ghana (BoG) and Securities and Exchange Commission (SEC) had rendered over 20,000 Ghanaians jobless.

This, he said, had brought untold hardships on many families in the country.

To this end, he urged the government to, instead of supervising the collapse of   indigenous Ghanaian businesses protect them since according to him that would boost the growth of the country economy.

He did not understand why government should protect foreign businesses and collapse indigenous ones.

According to him that was a sign of “insensitivity” on the part of the government.

Nana Ofori also used the opportunity to declare his unflinching support for the President and Chief Executive Officer of Groupe Nduom, a multinational conglomerate, Dr Papa Kwesi Nduom.

GN Bank/Savings and Loans Company and Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited is all entities of Groupe Nduom owned by the Ghanaian business mogul, Dr Nduom.

Nana Ofori was however optimistic that Groupe Nduom would bounce back and therefore urged the celebrated Ghanaian entrepreneur not to be worried about what his opponents was doing against him.

It would be recalled that the BoG in August last year revoked the licenses of twenty-three (23) insolvent savings and loans companies and finance houses.

The central bank in a statement said the revocation of the licenses of these institutions including GN Savings and Loans had become necessary because they were insolvent even after they were given a reasonable period of time to recapitalize.

But Dr  Nduom who was against the decision of the central bank sued the BoG, Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and Receiver for GN Savings and Loans, Eric Nana Nipah.

The case which is still in court, the Groupe Nduom owner wants the court to among other things quash the decision of the BoG to revoke the license of GN Savings and Loans.

In his statement of claim, Dr Nduom said contrary to claims by the BoG  that GN Savings and Loans had its license revoked because the company was insolvent, the company, he insisted, was in good standing and its government infrastructure project portfolio was in excess of GH¢2.2 billion, more than its liabilities.


He said most of the company’s funds had been invested in government projects as loans and advances to contractors who government through its ministries and agencies had hired to execute various projects.

He claimed that the government and MDAs as of August 14, 2018, owed the company over GH¢600 million.

Dr. Nduom emphasized that the BoG and other parties failed to consider the government’s indebtedness to the company in making a determination on the company’s solvency and that constituted a violation of rights.

He, therefore, wants the court to compel the BoG to restore the license of GN Savings and Loans.


Story: Franklin ASARE-DONKOH

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