Akufo-Addo did not collapse GN Savings

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Stephen Nani

In an attempt to correct rumors, misinformation and the widely spread allegation making rounds in the media and on some social media platforms that President Nana Akufo-Addo had deliberately decided to collapse Banks and Businesses of some persons perceived to be political opponents of the ruling party, the Ministry of Information has put out a strong defense in a Statement Signed by Deputy Minister of Communication, Nana Ama Dokua Asiamah-Adjei.

In the statement put out by Ministry as a direct response to the Press Conference held by residents of Elmina on the Bank of Ghana’s revocation of licenses’ of some 23 Savings and loans and financial houses, including GN savings and Loans.

According to the statement, the claim made by organizers of the press conference that the woes of GN savings had been worsen as a result of government’s inability to fulfill its financial obligations of paying monies owed GN bank were not accurate. The statement also stated that Capital deficit needed to make GN Savings solvent was in the region of about 680 million cedis and for that matter, 30 million cedis owed by government was insignificant to be considered the reason for the company’s insolvency.

“As stated clearly in the Bank’s Statement, “GN’s insolvency problems are largely attributed to overdrafts and other facilities it extended to its related parties who are other companies in the Group Ndoum network of Businesses, under circumstances that violated related prudential norms”, including transfers of large sums of  money (US$62,255,56.93, GBP 718,528.59 and EUR4,200) from depositors funds to foreign accounts of the companies of Group Nduom, in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana Notices issued in August 2014 prohibiting such practices”.

Find Below a copy of the full statement issued yesterday,


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