Finance

GN Bank denies regulatory breaches, accuses Bank of Ghana of inaccuracies

The defunct Groupe Nduom Bank has denied claims of regulatory breaches and alleged inaccuracies in the Bank of Ghana’s (BOG) documents regarding the solvency of the bank.

In a media statement copied to the Ghana News Agency, the defunct bank described the BOG’s claims of regulatory breaches related to the illegal transfer of money to its subsidiary abroad as “far-fetched.”

The statement clarified, “Did GN Bank illegally transfer $62 million to a related company in the USA? No. The company involved, International Business Solutions (IBS), was started by Dr. Nduom in the 1980s. Its objectives included business advisory services, the procurement of business equipment, and the sale of computers and printers, among others. An IBS company was also established in Ghana.”

“Generators, computers, air conditioning equipment, vehicles, and raw materials for Groupe Nduom companies have been imported through IBS and paid for by the relevant companies. This has been conducted legally with appropriate documentation since the 1980s.”

“The notion that over $60 million in foreign currency transactions could occur over a 10-year period with ‘no documentation,’ as implied by the Bank of Ghana in that release, is extremely far-fetched.”

The statement emphasized that GN Bank Management and IBS provided documentation to support their activities. However, it added, “nothing was heard from the BOG after repeated requests until the allegation appeared in the GN Savings statement on August 16, 2019.”

The company also denied claims by the BOG that GN Bank was used to mobilize funds for subsidiary companies of the bank.

“Was GN Bank’s objective to mobilize deposits for affiliates? Not true. This is one of the selective stories told by Ghana’s banking regulator. The truth that can be confirmed is that GN Bank’s affiliates were the bank’s biggest depositors, and today they have the most funds locked up with the receiver. Also, GN Bank affiliates had paid off loans they had taken from the bank as of August 16, 2019. They have payoff letters to this effect.”

The defunct bank reiterated that its insolvency was caused by the government’s indebtedness to contractors.

“If the government had paid the GHS 1.8 billion it owed to contractors, the defunct bank would have been in a better financial position,” it stated.

The bank also reiterated that its absence had created a significant vacuum in the financial inclusion efforts in the country, as current banks had failed to fill the gap.

 

Source: GNA

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. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. 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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