On Friday a series of news items concerning the banking sector came out, with the Bank of Ghana completing what it termed its new banking resolution.
The end product of the process was that Dr Papa Kwesi Nduom’s GN Bank was downgraded back to a savings and loan company, due to the fact that they were unable to meet the new minimum capital threshold of Ghc 400m.
Dr Nduom has responded to the news and according to him, much of the blame for the bank being unable to meet the requirement lies with the government.
According to him if they had been paid even a quarter of the monies government owes them they would not be in their current predicament.
Check out what he said below…
“For all those wondering what’s going on. First let me assure you that I operate on the principle that every problem has a solution. We are working to keep GN Bank doors open come 2019. The Gold Coast Fund Management problem needs a long term solution and we will put one there. Eventually it will work. It needs goodwill. All these problems were created deliberately by some people. The end game they wanted is total collapse of all Groupe Nduom entities. But we are down into the fabric of this country, Ghana. We are inextricably linked to everything Ghanaian. It is difficult now, yes. We are working hard to do better. Please keep the faith.
“We do not aspire to finance oil and gas and big money ventures. We like to work ordinary people and small towns. We are NOT a High Street bank. So we do not need GHS400million capital. If government paid us even 10% of what it owes us, we will have enough liquidity to serve our customers. We were a successful savings and loans company for 8 years. So universal, savings and loans or Microfinance or rural bank, we will be there in business for the long term. No one should take my silence or soft spoken approach to be a sign of weakness.”