Dr. Papa Kwesi Nduom, founder of the now-defunct GN Bank, has raised concerns about political interference following a recent meeting with former President John Mahama. In a statement, Dr. Nduom claimed that shortly after appealing to Mahama to reinstate GN Bank if he wins the upcoming December 7 elections, “strange things are happening.” He alleges a coordinated effort by New Patriotic Party (NPP) communicators to counter his claims using information from the Bank of Ghana to dispute that the government owes him a substantial amount of money. He noted that these developments were anticipated.
GN Bank’s license was revoked by the Bank of Ghana in August 2019 for a number of infractions, including inadequate capital. During his meeting with the former president in Accra on Friday, July 19, Dr. Nduom expressed concerns over the deteriorating state of the bank’s 300 centres nationwide. He urged Mr. Mahama to prioritize the reinstatement of GN Bank if elected, to restore jobs and alleviate the hardships faced by those affected by the bank’s closure.
In response, Mr. Mahama criticized the NPP government for its decision to revoke the licenses of several indigenous financial institutions as part of the 2019 banking sector cleanup, calling it a hasty action. He promised to restore the licenses of these banks following an independent review of the cleanup exercise.
Dr. Nduom also took to Facebook to call out the Director of Communications of the Bank of Ghana, Bernard Otabil. In his post, he questioned Otabil’s understanding of the situation, stating, “Which part of ‘pay the contractors to pay GN to pay customers’ doesn’t he understand?”
The GN Bank saga continues to be a point of contention in Ghana’s business and political landscape, with Dr. Nduom’s allegations highlighting ongoing issues within the financial sector and the broader implications for the country’s economic stability.
