Panic withdrawals won’t help anyone – Nduom
The President of Groupe Nduom, Dr Papa Kwasi Nduom has called for calm among customers of GN Bank and Gold Coast Securities in the Ashanti Region and urged them to put a stop to their panic withdrawal spree.
According to the Ghanaian businessman, the crisis in the finance sector of the economy has affected every financial institution including the banking sector, hence admonished the customers to pull the breaks on the surge in withdrawals.
Since the collapse of seven local banks, there has been a lot of speculation that other banks will suffer a similar fate. Since the beginning of August this year, thousands of depositors have been trooping to banking halls to withdraw their deposits out of fear and panic.
“We must gain understanding that it’s the entire system that is suffering from liquidity crisis. So, if you run from here to there, you will go and meet the same problem,” Dr Nduom cautioned.
He underscored the need for Ghanaians to have patience for financial players to solve the liquidity problems confronting both the government and the private sector.
Dr Nduom made these comments in Kumasi on Thursday, 4 October 2018 when he addressed the media as part of his tour to restore confidence in GN Bank and Gold Coast Securities customers.
The 2016 PPP presidential candidate mentioned that it is very important for all stakeholders including the central bank and the government to interact with the public in order to assure customers of the safety of their deposits and investments.
According to him, this will restore the confidence that the financial sector is losing.
Dr Nduom said when customers lose confidence, they exchange their monies for foreign currency which impact the economy adversely.
He later inspected a multi-purpose shopping mall project at Krofrom, where he said the ultra-modern project being finance by Gold Coast Securities will be completed within six months and create employment for hundreds of traders.
Source: Ghana/ClassFMonline.com
