The CEO of the GN Group, Dr Papa Kwesi Nduom, has reacted after his GN Savings and Loans Company had its licence revoked by the Bank of Ghana. The company was declared insolvent by the Bank of Ghana, which also pointed to worrying internal movement of monies through the GN group of companies. In a … Read more
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.
The Bank of Ghana has revoked the banking license of GN Bank, belonging to Papa Kwesi Nduom–and the Bank is now a mere Savings and Loans company. This downgrade comes after the central bank finished what it describes as the banking resolution requiring each commercial bank operating in the country to have a minimum capital of … Read more
The battle between the SEC and some indigenous companies continues unabated as their latest target has become the GN Gold Coast Fund, which has been reported to be in some distress.
Like Menzgold, there is quite a simple explanation for why the fund is in ‘trouble’ and it’s because of apparent overreach from the Securities and Exchange Commission.
Yesterday, Ghana’s incompetent Fire Service struggled to keep a fire outbreak at the premises of Cocoa Groove Regency Hotel under control which destroyed other properties running into thousands of Cedis..
Against previous media reports that suggested Dr. Nduom’s Hotel was ablaze, a statement by the Corporate Affairs of Groupe Nduom said “Regency Hotel and its restaurant, guest rooms and conference facilities are intact and were not touched by the fire.”
