BoG gives GN Savings an advisor to ensure their operations are sustainable

By Mutala Yakubu
GN
BoG gives GN Savings an advisor to ensure their operations are sustainable

The Bank of Ghana (BoG) has given GN bank an advisor to ensure that their operations as a Savings and Loans will be sustainable .


This was confirmed by the 2nd Deputy Governor of the Bank of Ghana Mrs Elsie Awadzie in an interview on Joy Super Morning show on January 2019.

Last week, the Bank of Ghana reclassified GN bank's licenced and they will now operate as a savings and loans.

"GN Bank's license was reclassified, not downgraded"

"GN Bank has been given a new license. This was done to ensure that it will survive. We've also given them an advisor to ensure that their operations are sustainable".

GN bank says it does not expect the reclassification of its status to affect its operations. The Bank last week requested the Bank of Ghana to reclassify its operations following its inability to meet the GHS400 million recapitalization.

2nd Deputy Governor of the Bank of Ghana Mrs Elsie Awadzie

GN Bank after their demotion to a savings and loans have released a statement assuring their customers that their funds are safe.

GN Bank said they have started their trasition and the process is moving smoothly.

This transition they say will enable it to serve the needs of its customers effectively.

Read also: Customer funds remain safe with us: GN Bank

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