“PPP Denies GN Savings and Loans Limited Disrespected Bank of Ghana, Refutes Claims”

The Progressive People’s Party (PPP) has rejected comments made by Bernard Otabil, Director of Communications at the Bank of Ghana (BoG), alleging that GN Savings and Loans Limited disrespected the central bank.

Mr. Otabil had dismissed claims by Dr. Papa Kwasi Nduom, Chairman of Group Nduom, that the BoG was influenced by former Finance Minister Ken Ofori-Atta to collapse GN Savings and Loans. According to Mr. Otabil, GN Savings and Loans violated financial regulations, including the Foreign Exchange Act of 2006 (Act 723), and was disrespectful to the BoG.

However, the PPP has countered that the BoG’s actions were unjustified and that the central bank cannot punish GN Savings and Loans for alleged infractions committed by GN Bank. The PPP argued that GN Savings and Loans was a separate legal entity from GN Bank and did not engage in foreign transactions, let alone breach any provisions of the Foreign Exchange Act.

The party also stated that the BoG did not conduct any regulatory inspection on GN Savings between January 2019 and August 2019, and that the revocation of its license was a reckless and wicked decision. The PPP accused the BoG of being motivated by political considerations and abusing its regulatory power to destroy local businesses and entrepreneurs.

The party has vowed to fight for the restoration of all banking licenses wrongfully taken and to promote local businesses and entrepreneurs. The PPP’s National Chairman, Nana Ofori Owusu, signed the statement and called for a new Ghana where local businesses are nurtured, protected, and promoted.

The party remains committed to its agenda of national unity, cohesion, and using state purchasing power to promote local businesses and create sustainable jobs for the youth.