Nduom tells Mahama how he found out about collapse of GN Bank

Dr. Papa Kwesi Nduom, Global President of Groupe Nduom, has called the Bank of Ghana’s decision to withdraw GN Bank’s operating licence in 2019 “shocking.”

Dr. Nduom said he had worked closely with the central bank’s administration to create a revitalization process during a courtesy call on former president John Dramani Mahama, the leader of the opposition National Democratic Congress. He was shocked, therefore, when the Bank of Ghana reversed course and destroyed his bank.

He informed the previous president, “The governor who is there sat with me and said, ‘Why don’t you accept to be reclassified from a universal bank to a savings and loans company, knowing that the minimum requirement for savings and loans is only 15 million?'”


He stated that he followed the governor’s guidance and met the six requirements laid forth by the Bank of Ghana, which included having a capital of more than GH¢200 million, which was far more than the required minimum.

“Remember, you need GH¢15 million for loans and savings. Thus you can imagine my surprise when, in August, I am working while sitting in Chicago and I find out that they had suspended our licence’, he said.

He thus appealed to former President Mahama to reinstate GN Bank’s license if he wins the December 7, 2024, elections.

“We believe that if this administration doesn’t give us our license before they leave and start paying the money before they leave, the next one will understand the situation and give the license back. So, we are continuing with hope, preparing and working on our plans with the hope that, at some point, we will get the license back and bring the jobs back. Because it is the jobs that we are also looking for,” Nduom stated.

He emphasized that the collapse of a 300-branch financial entity is detrimental to the country’s economic interests, regardless of ownership.

The dissolution of a financial organisation with 300 branches, in our opinion, is detrimental to the nation’s economic interests. Therefore, it is something that must exist, regardless of whether it even belongs to us or someone else,” he said.