Aggrieved customers of GN S&L slam Elmina Residents for accusing gov’t of sabotage

Aggrieved customers of GN Savings and Loans in the Central Region have asked residents in Elmina to stay off the revocation of the licence of the company.

The aggrieved customers in a press statement said the revocation of the licence was the best way to handle the situation hence the residents who blamed government for intimidating Dr. Papa Kwesi Nduom should stay out of the case.

The statement from the aggrieved customers said: ”We believe strongly that laws must work and that is what we are currently witnessing. Financial sector laws are made purposely to regulate activities and protect depositors so why are some individuals finding it unpleasant when this same laws are been put to use to protect depositors from losing their funds? Should the government prioritize over 2000 workers of these banks over more than 3million customers who have their funds locked up? If government does not intervene and customers lose their funds, who will come to their rescue?”

Below is the full statement from the aggrieved customers

AGGRIEVED CUSTOMERS OF GN SAVINGS AND LOANS IN CENTRAL REGION
26th August, 2019

For Immediate Release BANKING SECTOR REFORM, A SMART MOVE BY THE GOVERNMENT

Good morning ladies and gentlemen and the media people gathered here at this moment, you are all been invited here to listen to the side of we the aggrieved customers of GN Savings and Loans who are gathered here at this moment. We have been quiet for some time now but it is time for us to speak. The exercise recently carried out by the ministry of finance and the management of Bank of Ghana to sanitize our financial sector off defunct and unauthorized banks, distressed micro finance, malfunctioning savings and loans and insolvent finance house institutions is a very brilliant one and they must be lauded for that action.

We believe strongly that laws must work and that is what we are currently witnessing. Financial sector laws are made purposely to regulate activities and protect depositors so why are some individuals finding it unpleasant when this same laws are been put to use to protect depositors from losing their funds? Should the government prioritize over 2000 workers of these banks over more than 3million customers who have their funds locked up? If government does not intervene and customers lose their funds, who will come to their rescue?

If banks survive on customers deposits, how can all these institutions operate without accepting deposit? Definitely customers are really important. The Global Access Savings and Loans, Legacy Capital Savings and Loans Ltd, Unicredit Ghana Ltd, Alltime Finance Ltd, GN Bank among others were seriously affected by this recent clean up and it will be very disappointing and disgusting to see any group of people reacting to such exercise politically and tribally.

We are however convinced that some so called concerned affiliate of GN
Bank are been influenced politically and tribally which should not be encouraged. The claim that government deliberately collapsed GN Bank now GN Savings and Loans before its insolvency is frivolous and dangerous.

They are taking sides because of favoritism and nepotism and not because they are victims of this banking crises like us. We share the same sentiment with individuals having personal interest but their interest cannot override statutory regulations.

We the aggrieved customers of the GN savings and loans need our money and that is what we are looking forward for the government to do so we are pleading with those who are saying otherwise to stay away for us to get our money.

Let all be citizens and not spectators.
Thank you for coming.
Long live the Banking sector
Long live Central Region, Long live Ghana.
Convener
Francis Arhin +233 24 606 9557
Public Relations Officer
Francis Gyandoh +233 24 165 7444

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