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GN Savings & Loans is solvent – Nduom

By Justice Kofi Bimpeh
Papa Kwesi Nduom
Papa Kwesi Nduom
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GN Savings & Loans Limited has reacted to Bank of Ghana's decision to revoke the licence of the company.

A statement signed by the Chairman and Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom said the claims by the Bank of Ghana for the revocation of their licence is “wildly inaccurate.”

The Bank of Ghana revoked the licenses of some 23 Savings and Loans Companies and Financial Houses including GN Savings and Loans.

The Bank of Ghana in announcing the revocation of GN Savings and Loans’ licence said: “GN’s shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.”

“While GN has indicated that government owes it a total amount of GH¢942.98 million of which GH¢102.73 million represented Interim Payment Certificates (IPCs), the Bank of Ghana’s assessment is that IPCs totaling GH¢30.33 million only have been confirmed by the Ministry of Finance as at 6th August 2019 as owed to contractors that may be indebted to affiliates of GN,” the Bank of Ghana said.

Nduom in the statement also stated that: “Neither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership.”

“Our position is that GN Savings is not only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities. We expect this matter to be resolved in due course,” the statement added.

Read the full statement below :

 

 

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