GN Bank never took a bailout from BoG – Group Nduom VP clarifies

Nana Ofori Owusu, Vice President of Group Nduom, has clarified that unlike other local banks whose licenses were revoked by the Bank of Ghana in 2017, GN Savings and Loans never received a bailout from the Central Bank.

This statement follows Dr. Papa Kwesi Ndoum’s claim that the government owes his companies over GH¢7 billion.

Dr. Ndoum argued that government reimbursement of contractors who borrowed from his companies could have prevented their financial issues.

Owusu emphasized GN Bank's unique situation compared to others in the sector, noting GN never misused bailouts unlike some, referencing the recent imprisonment of William Ato Essien for financial misconduct.