Dr. Paa Kwesi Nduom, the CEO of the Nduom Group of Companies, which owned GN Bank, has made shocking claims about the reasons behind the bank’s closure. He alleges that Ken Ofori-Atta, who was the Minister of Finance at the time, deliberately orchestrated the shutdown of GN Bank in order to protect political interests.
According to Dr. Nduom, “A memorandum was submitted by the Minister of Finance to ask the cabinet to agree to collapse GN Bank.” He expressed his disappointment that the memorandum failed to acknowledge the bank’s crucial role in promoting financial inclusion and supporting economic development.
Dr. Nduom further claimed that the memorandum simply stated, “These people are causing us problems, and it might affect our political chances, so let’s shut it down.” He criticized the decision for disregarding the fact that GN Bank was the largest bank with the widest distribution network, actively contributing to financial inclusion and economic growth.
Moreover, Dr. Nduom asserted that the liquidity crisis that led to the bank’s collapse was deliberately created by withholding payments. “What led to the liquidity crisis? He refused to pay us. He paid others, and they thought that if they paid the money, the money would come to me,” he explained. Dr. Nduom emphasized that the money belonged to the customers, not to him personally, and he even wrote to Jubilee House, requesting that the customers be paid directly.
Interestingly, Dr. Nduom revealed that despite Ken Ofori-Atta’s efforts to push for the shutdown, the cabinet initially did not agree to collapse GN Bank. According to the information he possesses, “After Ken Ofori-Atta sent his memo to Jubilee [House], the cabinet did not agree that they should collapse GN Bank.”
These explosive allegations raise serious questions about the motivations behind the closure of GN Bank and the role played by the Minister of Finance. Dr. Nduom’s claims suggest that political considerations may have taken precedence over the bank’s significant contributions to financial inclusion and economic development. As the story unfolds, it remains to be seen how these allegations will be addressed and what implications they may have for the banking sector and the political landscape in the country.
