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Business News of Wednesday, 21 August 2019

Source: Frank Agyekum

'Do not be timid!' - Nduom urges Staff of Groupe Nduom to keep hope alive


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President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has asked his employees to remain calm and also be apprised with the facts surrounding the decision by the Bank of Ghana to takeover GN Savings.

In a video message meant for his staff, Dr Nduom called on them to remember that their foundation is rooted in 2 Timothy 1:7 which says ‘For the Spirit God gave us does not make us timid, but gives us power, love and self-discipline’.

‘We will use this spirit and not be timid in the face of some untruths’, he said.

To him, the present predicament will quickly be overcome if all staff of Groupe Nduom are seized with the facts and are able to defend and explain the issues better to the good people of Ghana.

Citing the claim by the BoG that GN Savings transfered depositors' funds abroad without documentation, Dr Nduom said that was a palpable untruth and mischievous saying there is documentation on every money transferred out of Ghana.  All transfers made were for the procurement of vehicles, raw materials, equipment and other goods and services and paid for by the respective companies.  He cited examples including:

‘The 4X4 car Kwame Asomaning drives, the computer Issah Adam (CEO of GN Savings) uses, all the raw materials FreshPak uses in their operations are all imported and paid for using the companies’ accounts and we have all the documents covering
transactions’’, he said.

The Bank of Ghana on 16th August, 2019 revoked the licenses of twenty three (23) savings and loans companies with GN Savings
being the biggest of the affected companies with three hundred (300) footnotes across the country.

With a staff strength of over 2,000, the decision to shutdown GN Savings has been greeted with disapproval as people consider the already bad unemployment situation in the system as enough warning the government and the Bank of Ghana should have taken into consideration with their latest decision.



It would be recalled that the Bank of Ghana on Friday, 16th August, 2019, revoked the licenses of 23 savings and loans companies. This follows a similar action a year ago when the regulator in 2018 ordered a purchase and assumption agreement that saw GCB Bank subsumed UT and Capital Banks. Five other banks were closed down completely in their stead, forming Consolidated Bank Ghana.

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