Angry Elmina Residents threaten to deal with Prez over revocation of GN S&L’s licence

Some angry residents in Elmina have threatened to deal ruthlessly with President Nana Addo Dankwa Akufo-Addo should the revocation of the licence of GN Savings and Loans is not reversed.

They claim President Nana Addo Dankwa Akufo-Addo is scheming to render the Chairman and President of Groupe Nduom, Dr Papa Kwesi Nduom, poor.

Spokesperson and leader John Quansah says the group will hold a demonstration on September 3, 2019 to drum home their demand.

They have therefore called on the president to also pay all outstanding debts owed Dr. Papa Kwesi Nduom, who for many months have said government indebtedness to his form caused some of the challenges he faced.

According to the spokesperson, the demonstration next month will be the beginning of several mass actions to get Dr Nduom’s company back in business. Elmina plans demo to save Nduom’s GN Savings & Loans

‘’Should the president fail to heed to our message; then he would have himself to blame. We will not talk much but all we want to stress on is that government should pay Dr. Nduom the debt owed him. This is our simple message. Kwesi Nduom is our son and has helped his community. Ghana would have developed better than what we see if we had men like Nduom in Ghana,’’he added.

The Bank of Ghana two weeks ago  revoked the licenses of twenty-three (23) insolvent savings and loans companies and finance house companies including the GN Savings Limited.

The central bank in its statement said the revocation of the licenses of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.

However reacting to the topical issue in a release, Dr. Nduom said;

“Neither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership.

“If these documents are indeed genuine, the statements within regarding GN Savings are wildly inaccurate. Given the detailed information provided to the BoG nearly a year ago, these statements are inconsistent with our discussions with both the BoG and the Ministry of Finance (MoF). We are aware that the MoF has previously confirmed that balances due to GN Savings and other related parties are far in excess of the amounts quoted in the communication from the BoG. 

“Our position is that GN Savings is not only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities. We expect this matter to be resolved in due course. 

“GN Savings and all other concerned stakeholders will respond with more detail shortly, but in the meantime, we pray that all customers and stakeholders remain calm while we work through this matter with the relevant parties,” the statement signed by Dr. Nduom read.


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