Dr. Paa Kwesi Nduom has denied issuing a statement on the downgrading of GN Bank to a Savings and Loan company.

He was reported as saying: “for all those wondering what’s going on. First let me assure you that I operate on the principle that every problem has a solution. We are working to keep GN Bank doors open come 2019. The Gold Coast Fund Management problem needs a long term solution and we will put one there. Eventually it will work. It needs goodwill. All these problems were created deliberately by some people. The end game they wanted is total collapse of all Groupe Nduom entities. But we are down into the fabric of this country, Ghana. We are inextricably linked to everything Ghanaian. It is difficult now, yes. We are working hard to do better. Please keep the faith..."

However in a post on facebook, Dr Nduom debunked making such claims adding, his focus now is to "find cash, liquidity to meet the needs of customers as quickly as possible".

"I have not granted an interview to any radio, newspaper or online media entity or person. Those manufacturing stories to pitch me or any of my business enterprises against regulator, political parties, government, etc. must stop it. They may relish their race for attention but their actions are hurting innocent people, employees and customers. I have only one objective. To find cash, liquidity to meet the needs of customers as quickly as possible" he said.

Background

The Bank of Ghana on Friday January 4, 2019 announced that GN failed to meet the mandatory minimum capital of ¢400 million by the deadline given.

"Consequently, GN Bank has applied for, and the Bank of Ghana has approved the grant of a savings and loans company licence. The Bank of Ghana has also approved a transition plan submitted by GN for winding down aspects of its business which are not compatible with a savings and loans company licence,” Governor of the Bank of Ghana, Dr Ernest Addison revealed.