The management of the now-defunct Groupe Nduom has petitioned John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), to reinstate GN Bank’s license in the event that he wins the elections on December 7.
In August of 2019, the Bank of Ghana cancelled GN Bank’s license.
On Friday, July 19, at a meeting with the former president in Accra, Groupe Nduom’s Global President, Dr. Papa Kwesi Nduom, expressed concerns on the declining condition of the bank’s 300 locations nationwide.
“We believe that if this administration doesn’t give us our licence before they leave and start paying the money before they leave, the next one will understand the situation and give the licence back. We are continuing with the hope and preparing our plans with the hope that, at some point, we will get the licence back and bring the jobs back. Because it is the jobs that we are also looking for,” Dr. Nduom stated.
“Whether it even belongs to us or someone else, it is something that needs to be there,” he added.
He went on to say that it is bad for the nation’s economic interests for a 300-branch banking organization to fail.
As part of the 2019 banking sector clean-up, John Dramani Mahama blasted the New Patriotic Party (NPP) government for acting too quickly in rescinding the licenses of several indigenous financial companies.
If elected, he also disclosed plans to start an independent evaluation of the cleanup effort.
“I do think that the government was hasty in what it did. The criteria used didn’t fit; it was not a one-size-fits-all. It was just like different rules for different folks. Many of these banks had financed government suppliers and contractors, and the government owed them. But how would they recover that money if you don’t pay the contractors to pay them? It has affected indigenous capital in the financial and banking sector,” Mahama explained.
He promised that his administration will push for an independent examination of the procedures that resulted in the clearing of the banking sector and endeavor to recover the capital of Indigenous companies operating in the financial industry.
Mahama said, “Where we believe these were unjustifiable, we will look at the restoration of the licences of these banks.”
Source: newsthemegh.com