Groupe Nduom disputes Bank of Ghana's revocation of GN Savings' license

Groupe Nduom has contested the Bank of Ghana's (BoG) justification for revoking GN Savings' license in 2019, challenging the Central Bank's assertions of significant regulatory breaches.

On June 14, the BoG reiterated that the license revocation was due to GN Savings' failure to meet critical financial regulations and banking standards, posing a threat to its operational stability. The BoG asserted

Read full articlethat restoring GN Savings' license was not an option.

However, in a June 16 statement, Groupe Nduom argued that the BoG's insolvency declaration was based on "wildly inaccurate" information. They claimed GN Savings had more than the GHS30.33 million cited by the BoG and complied with all regulations, providing a detailed progress report in June 2019.

Groupe Nduom also noted that the Government of Ghana and its agencies owe them over GHS7.1 billion, which would not only compensate customers but also restore GN Savings' capital. They have petitioned President Nana Akufo-Addo and Vice President Mahamudu Bawumia for justice and called on the BoG to correct its mistake.