Story: Atta Kwaku Boadi& Kwesi Williams
The management of Groupe Nduom led by its chairman, Dr Papa Kwesi Nduom has petitioned the flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, to reinstate the licence of GN Bank’ if he wins the December 7 polls.
GN Bank was among several other banks which licences were withdrawn in 2019 by the Bank of Ghana (BoG).
At a meeting with the former Ghanaian leader on Friday, July 19, as part of the ongoing #BringBackGNBank national tour, Dr Nduom, expressed concern over the deteriorating state of 300 of the bank’s centres across the country.
“We believe that if this administration doesn’t give us our licence before, we believe that the next one, will understand the situation and give the licence back to us. So we are continuing with the hope and preparing and working our plans with the hope that, at some point, we will get the licence back and we’ll bring the jobs back because it is the jobs, that we are also looking for”, he said
According to him, collapsing a 300-branch financial entity was inimical to the economic interest of the country.
“So whether it even belongs to us or belongs to someone else, it is something that needs to be there,” he stated.
Receiving the petition, The NDC’s flagbearer noted that the decision of the New Patriotic Party (NPP) government to revoke the licences of some indigenous financial institutions as part of the 2019 banking sector cleanup, was a hasty action.
He disclosed that his administration intends to initiate an independent review of the banking sector cleanup process.
“I do think that government was hasty in what it did. If you look at the criteria that was used, I mean, it didn’t fit. It was, it was not a one-size-fits-all-all. I mean, it was just like different rules for different, folks and so, yes, as you said, a lot of these banks had also financed government suppliers and contractors and the government owed them and they owed the banks.
“But how would they recover that money if you don’t pay the contractors to pay them? And so I do think that it was hasty, and it’s affected indigenous capital in the financial and banking sector. And we have pledged that we would work to restore, you know, the capital of indigenous businesses in the financial sector.
“So we are advocating an independent review of the processes that went into the banking sector clean up and where we believe these were unjustifiable, we will look at the restoration of the licences of these banks,” he stated.
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