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Business News of Tuesday, 2 October 2018

Source: Groupe Nduom

Nduom begins ‘stop panic withdrawals, strengthen indigenous banks’ tour

The Chairman of GN Bank Dr. Papa Kwesi Nduom will lead a team of bank officials to begin a tour of the ten regions on Wednesday 3rd October with the theme “STOP THE PANIC WITHDRAWALS AND STRENGHTEN OUR INDIGENOUS BANKS”.

The team will use the opportunity to thank the customers who have remained loyal and kept their monies with the indigenous banks.

Furthermore, Dr. Nduom will use the platform to advice shareholders, directors and employees of indigenous banks to correct all problems pointed out to them by the regulator, Bank of Ghana and ensure they implement good governance practices.

Since the collapse of seven indigenous banks, there has been a lot of speculation that others are not strong and will collapse. This has fueled a run on the banks particularly since the beginning of August. Thousands are flocking the banking halls out of panic and the fear that they may lose their hard earned monies. This despite the fact NO DEPOSIT CUSTOMER HAS LOST ANY MONEY DUE TO BANK FAILURE IN GHANA. Also, on 2nd August, the Minister of Finance Mr. Ken Ofori-Atta in a statement said “To further strengthen the indigenous banking sub-sector, the Government is considering various structures through which it can provide financial support to help other indigenous banks...”. Dr. Nduom will confirm that the Government has began to take steps in this direction.

On Wednesday, the team will make stops at Abbosey Okai, Agbobloshie and Makola where GN Bank has thousands of customers.

Officials of other indigenous banks will be encouraged to join the team.

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