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BoG lied; no 70 offices shut down, no top bosses sacked – GN

Groupe Nduom, the parent company of GN Savings and Loans, whose licence was revoked recently by the Bank of Ghana, has described as false, assertions by the central bank that it has shut down some offices and sacked top management staff…

Groupe Nduom, the parent company of GN Savings and Loans, whose licence was revoked recently by the Bank of Ghana, has described as false, assertions by the central bank that it has shut down some offices and sacked top management staff.

Explaining why GN Savings and Loans had its licence revoked, BoG stated: “GN has suspended operations in seventy (70) of its branches including the Head office branch at Asylum Down and Castle Road branch, and temporarily suspended its entire management team without the approval of the Bank of Ghana contrary to section 25 (2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), mainly as a result of its insolvency and liquidity challenges”.

However, the company has described the comments as erroneous and requested the apex bank to back the assertions with proof.

The conglomerate replied in an emphatic press statement signed by its Corporate Affairs Manager, Frank Owusu-Ofori, on Wednesday, 21 August 2019, that: “GN Savings has not sacked its top management staff. As of Friday afternoon, that team was still at post. The BoG as a regulator must not make important decisions based on hearsay. We challenge BoG to produce the said termination letters. The Chairman of the Board of Directors in a letter written to BSD promised to deliver a new organization structure befitting the status of a Savings and loans company”.

It added: “GN Savings has not closed 70 offices. Rather, the company wrote several weeks ago to BSD for approval to temporarily suspend operations in a number of offices to reduce cost during the business revival period. BSD has till today not responded to this request”.

GN Savings and Loans said it has come up with new ideas that have caused its business to begin a sustained revival with thousands of customers making new deposits and enjoying unrestricted withdrawals and questioned why the BoG would revoke the licence of such a company.

Meanwhile, GN has stated that the only option left for the savings and loans company in seeking redress is to head to the court since dialogue with the regulator has not yielded much result.

“It appears that our only option is to pursue this case in the court of law – negotiating with the Bank of Ghana in good faith has yielded less than desirable results,” the statement noted.

Source: ClassFMonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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