Dr. Kwesi Nduom, the owner of the defunct GN Bank, has directed a formal appeal to the Governor of the Bank of Ghana, Dr. Ernest Addison, seeking the reinstatement of the bank’s operating license.
Dr. Nduom contends that the 2019 revocation, which the Central Bank justified by citing insolvency and regulatory breaches, was based on an inaccurate assessment of the bank’s financial health. He argues that the assets of the institution remain viable and has urged the regulator to ensure they are preserved in good condition, asserting that the bank is fully prepared to resume operations and contribute to national financial inclusion.
Central to Dr. Nduom’s argument is a call for the Bank of Ghana to review new evidence and the 2019 transition report, which he claims proves the institution held sufficient capital at the time of its reclassification.
He disputed the Finance Ministry’s previous accounting of Group Nduom’s finances and pointed out that even under the lower capital requirements for a savings and loans company, the bank had more than enough resources.
Dr. Nduom further criticized the state-appointed receiver for allowing hundreds of branch buildings to deteriorate after they were locked, noting that these properties were originally offered to shore up the bank’s capital base but were rejected.
Looking forward, Dr. Nduom envisions a return to a 305-branch network that would provide employment for thousands of Ghanaians. He expressed confidence that once a proper accounting of the funds is completed and the license is restored, the institution would naturally regain its status as a full universal bank. By focusing on the restoration of these assets, he believes the company can quickly return to its mission of providing banking services to underserved communities across the country.