Misrepresentation of GN Bank's financial position led to collapse - Dr Kweku Nduom
Dr. Papa Kwesi Nduom alleged that false claims about GN Bank's financial position played a major role in the institution's eventual collapse, speaking on JoyNews' Newsfile on Saturday, May 23. Dr. Nduom claimed that some individuals deliberately misrepresented the bank's financial health, creating the impression that the institution was insolvent. He also accused some persons of deliberately spreading misinformation, saying "During this process, there were some deliberate liars about the money that was at stake."
Dr. Nduom explained that Groupe Ndoum had engaged the Ministry of Finance and undertaken an independent audit to establish the extent of monies owed to the bank. He said, "We set up a team with the Ministry of Finance, and we spent several hours sitting down with the Minister of Finance, Ken Ofori-Atta," and "We had an independent audit of our portfolio, and we delivered all this information. But at the last minute, somehow they decided to let the Bank of Ghana say that it was only GH¢30 million that was due to us," calling it "A bald-faced lie, and that was the key piece of evidence used against us in revoking the licence."
Dr. Nduom argued that the combination of unpaid government-related obligations and what he described as false representations about the bank's financial status contributed to its downgrade from a universal bank to a savings and loans company and the eventual revocation of its licence. He added, "So if that money - just the IPCs - had been paid, we would not be having the conversation we are having now. We would not have had to be reclassified as a savings and loans company in the first place." The Groupe Ndoum President made the remarks while discussing the group's recent legal victory in the Court of Appeal over the revocation of the licence of GN Savings and Loans.
Quick Summary
Dr. Papa Kwesi Ndoum has made claims regarding the collapse of GN Bank. He alleges that misrepresentation of the bank's financial position played a significant role - but what exactly does he mean by that?
Summary - read the full story for complete context.
Image: Joy Business
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from Joy Business
Related Stories
More from Business & Economy
Collapse of GN Bank led to loss of over 4,500 jobs - Dr Ndoum
The collapse of GN Bank led to significant job losses - but how many people were really affected?
2h ago•2 min read
2026 ACI World Congress: In Accra, a quiet reframe of how emerging markets see themselves
Financial markets are being redesigned, with emerging economies at the forefront - but what does this mean for Ghana?
14h ago•4 min read
BoG failed in its supervisory role in GN Bank crisis - Senyo Hosi
Senyo Hosi says the BoG failed in its supervisory role in the GN Bank crisis - but what could have been done differently?
2h ago•4 min read
Build inclusion into core of workplace culture - Telecel Ghana HR Director
Telecel Ghana is being recognized for transforming workplace inclusion - but how are they doing it?
3h ago•3 min read
