Revocation of GN Savings and Loans licence was based on sound judgment – Bernard Otabil

The Bank of Ghana (BoG) has clarified its actions regarding GN Savings and Loans.

The BoG worked with GN Bank during its liquidity issues and honored its request to reclassify as a Savings and Loans company.

However, the company still struggled to meet depositors' withdrawals, leading to widespread complaints.

To protect the banking sector's integrity, the BoG revoked GN Savings and Loans' license in August 2019 under the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

The BoG emphasized the decision was based on sound judgment and detailed infractions by GN Savings and Loans.