Group Nduom founder and chairman, Dr Paa Kwesi Nduom, shared a cabinet memorandum on social media, saying former Minister of Finance, Ken Ofori-Atta, had petitioned cabinet to ensure the collapse of the dissolved GN Bank to prevent political interference.
According to Nduom, the memorandum was to ask Cabinet to revoke GN Bank’s banking licence.
Nduom maintained that the rationale behind Ken Ofori-Atta’s action was to cripple the bank and prevent it from being used to wage political antagonism against the ruling government.
“Here we have a memorandum submitted by the then Minister of Finance, Mr. Ken Ofori-Atta, asking for Cabinet to agree to collapse GN Bank and take away its licence. The memorandum did not take into account that this is the largest bank in Ghana and the most widely distributed.
“There was no recognition that we were providing banking services that would expand financial inclusion in Ghana. There was no recognition that we were supporting financial development and economic development in Ghana.”
“I am just saying let’s stop these people because they are creating problems and therefore may affect our political chances,” Dr Paa Kwesi Nduom asserted in a viral video shared on X (formerly Twitter).
He acknowledged that despite the memorandum being submitted to Cabinet, Cabinet did not accede to Ken Ofori-Atta’s request to revoke his banking licence.
In 2019, the Bank of Ghana revoked the licences of 23 savings and loans and finance companies, including GN Bank. The bank subsequently challenged the Bank of Ghana’s revocation of GN Savings’ licence and sought legal action.
However, in January this year, an Accra High Court presided over by Justice Gifty Addo Adjei upheld the legality of the Central Bank’s decision, emphasizing the bank’s right to revoke the licence citing governance deficiencies that caused GN Savings and Loans Bank to default on its debt obligations.
Check out the video below
“This is a memo from the former finance minister, KOA, that said GN Bank should be crushed because it is affecting political opportunities, so let’s close it down,” Dr Papa Kwesi Ndum claims. pic.twitter.com/OgfpGxRoM3
— Roland Walker 👣 (@rowalkerghana) June 7, 2024
EAN/MA
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