- Dr. Nduom begins nationwide tour to campaign for GN Bank's return.
- GN Bank's offices in disrepair, with some taken over by churches.
- "BringBackGNBank" campaign aims to restore bank's license and serve the unbanked.
Dr. Paa Kwesi Nduom, the Global Chairman of Groupe Nduom, embarked on a nationwide tour to campaign for the return of the collapsed GN Bank. The tour, dubbed “BringBackGNBank,” aims to visit all 300 GN Bank offices across the country, inspect the state of the facilities, engage with customers, and reveal plans to resuscitate the company.
The first phase of the tour began last Sunday, covering branches in the Central Region. Accompanied by Groupe Nduom management and staff, the team visited old offices in Kasoa Amanfrom, Awutu Breku, Gomoa Potsin, Afranse, Biriwa, Makessim, Cape Coast, and Takoradi.
Upon arrival, the team was met with broken doors, windows, and weedy compounds, a stark reminder of the bank’s collapse. While some offices remained intact, others had been taken over by churches, highlighting the extent of the bank’s decline.
Dr. Nduom expressed concern that since the bank’s collapse, many customers had been excluded from the formal financial system. In remote areas, customers faced limited savings options and restricted economic growth opportunities, services that GN Bank once provided.
Dr. Nduom emphasized that GN Bank was the only bank to establish branches in deprived areas, and since its license revocation, no other bank had filled the vacuum. He noted that prior to the revocation, the bank was in good standing, with funds invested in government projects as loans and advances to contractors.
The Bank of Ghana and other parties failed to consider the government’s indebtedness to the company when deciding on its solvency, Dr. Nduom argued. He urged affected individuals to join the call for the government to restore the bank’s license.
Dr. Nduom expressed hope that even if the current administration ignores their plea, the next government will restore the license, allowing GN Bank to become a spectacular bank for the unbanked. He envisioned a bank that would provide a safe haven for millions to save their money and support small businesses.
In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies, including GN Bank. The bank sought legal action, but an Accra High Court upheld the Central Bank’s decision, citing governance deficiencies that rendered GN Savings and Loans unable to meet its debt obligations.
After the ruling, the bank announced plans to appeal the decision. Dr. Nduom’s nationwide tour marks a renewed effort to revive GN Bank and restore its services to the communities it once served.
Through the “BringBackGNBank” campaign, Dr. Nduom aims to rally support and pressure the government to reconsider the bank’s license revocation, giving GN Bank a second chance to serve the unbanked and support economic growth in Ghana.
