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Why GN Bank was shut down - Dr Paa Kwesi Nduom tells the inside story

Local News

10 days ago
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Dr. Paa Kwesi Nduom, CEO of the Nduom Group of Companies, which owned GN Bank, has made explosive claims regarding the bank’s shutdown.

According to him, Ken Ofori-Atta, the then Minister of Finance, orchestrated the closure of GN Bank to safeguard political interests.

"A memorandum was submitted by the Minister of Finance at that time to ask cabinet to agree for GN Bank to be collapsed," Dr. Nduom stated.

He criticized the memorandum for neglecting the bank's significant role in financial inclusion and economic development.

"The memorandum did not consider that it was the biggest bank with the widest distribution network and was increasing financial inclusion and economic development.

"It just said these people, they are causing us problems and therefore it might affect our political chances, so let’s shut it down," he said.

He further alleged that the liquidity crisis leading to the bank’s collapse was artificially created by withholding payments.

"What led to the liquidity crisis, he refused to pay us. He paid others and they thought that if they paid the money, the money will come to me. I have been telling people everywhere that money, it doesn’t belong to me; it belongs to customers. I even wrote to Jubilee House to pay the customers directly," he added.

Dr. Nduom also revealed that despite Ken Ofori-Atta's push for the shutdown, the cabinet did not initially agree to collapse GN Bank.

"After Ken Ofori-Atta sent his memo to Jubilee [House], according to what I am holding here, the cabinet did not agree they should collapse GN Bank," he concluded.

source: Theannouncergh.com