Groupe Nduom has refuted the Bank of Ghana’s (BoG) August 16, 2019, claims about GN Savings.
On June 14, the BoG defended its choice to revoke GN Bank’s licence in 2019, claiming that serious regulatory irregularities were the reason behind the decision.
The Central Bank asserted that GN Bank’s operational stability was in danger due to its disregard for important financial legislation and banking norms.
The BoG implied that it cannot restore GN Bank’s license as demanded by the bank’s management.
The BoG stated in August 2019 that GN Bank had not complied with capital adequacy, liquidity, governance, and risk management standards.
But in a statement released on Sunday, June 16, Groupe Nduom contended that the BoG’s announcement of GN Savings’ insolvency was founded on “wildly inaccurate” material.
The group argued that the BoG’s assertion of insufficient cash was untrue and demanded the reinstatement and upgrading of GN Savings’ license.
Groupe Nduom also stated that GN Savings had more than the GHS30.33 million cited by the BoG in its decision.
“The statements Bank of Ghana (BOG) issued on August 16, 2019, regarding GN Savings are wildly inaccurate. BOG was aware that GN Savings had available to it more than the GHS30.33 million that it relied upon to declare it insolvent; GN Savings was not allowed by regulation and GN Bank did not engage in illegal foreign currency transfers; GN Savings complied with all requirements laid down by BOG as a savings and loans company and wrote a detailed report in June 2019 to prove that its business was moving positively forward.”
“These facts are indisputable. BOG made a mistake that it must admit to and correct. Today, the Government of Ghana, its agencies and contractors owe Groupe Nduom companies over GHS7.1 billion. With this money, customers will be paid and GN Savings will have enough capital to become a universal bank once again,” portions of the statement said.
Read the full statement below.