The founder of the defunct Groupe Nduom Bank, Dr. Paa Kwesi Nduom, has announced his decision to embark on a “strategic action” in an attempt to restore the license of the bank.
He said the strategic action follows the nationwide tour to assess the impact of the collapse of the bank.
Dr. Nduom said this in a press conference to update the media and stakeholders on the proceedings of the second phase of the “Bring Back GN Bank” nationwide campaign.
The second phase of the national tour was undertaken in the northern part of the country with a call on the government to reinstate the license of the bank.
The first part of the tour, which started on Sunday, May 26, 2024, covered six regions, including Eastern, Western, Central, Volta, Greater Accra, and Ashanti.
The team led by Dr. Nduom, the chairman of Groupe Nduom, visited all 300 branches of the bank in all sixteen regions to acquaint themselves with the state of the properties of the bank and interact with Ghanaians, particularly market women and men who were predominantly customers of the bank.
The second phase of the campaign tour covered Wa, Bolgatanga, Walewale, Karaga, Tamale, and Sunyani.
Dr. Nduom said the strategic actions that would be undertaken in October and November are covert measures to make a strong case for the government to restore the license of the bank.
“In October and November, we would engage in some strategic actions, and I will not say what kind of strategic actions we intend to pursue. When we get there in those months, we will let the world know about the actions we will take in those periods,” he said.
Dr. Nduom stated that the campaign would be put on hold for a while to allow for an evaluation of the national operation.
He refuted claims that the nationwide campaign was intended to make the ruling party unpopular ahead of the December 7 elections.
Dr. Nduom said the bank’s management had successfully discussed the possibility of restoring the bank’s license with political party flagbearers, notably Mr. John Mahama, the National Democratic Congress flagbearer.
He also disclosed that the campaign would conclude with a press briefing and media engagement before the December 7 elections.
GN Bank was closed primarily due to financial instability and regulatory issues, leading the Bank of Ghana (BoG) to revoke its license in January 2019 as part of a broader cleanup of the financial sector.
The central bank cited reasons such as the bank’s insolvency, poor corporate governance, and failure to meet the minimum capital requirements.
Furthermore, GN Bank struggled with high levels of non-performing loans, inadequate capital, and liquidity challenges, which prevented it from meeting its obligations to customers and maintaining operations.
Additionally, the bank faced issues with poor management and a weak internal control system.
