They deliberately reduced the debt value of GN Bank to make it collapse – Dr. Nduom

Global Chairman of Groupe Nduom, Dr Papa Kwesi Nduom

Groupe Nduom Global Chairman Dr Papa Kwesi Nduom has accused the Central Bank of Ghana of deliberately misrepresenting the debt value of its defunct GN Bank in an attempt to force its closure.

Dr. Nduom announced that a debt of 2.2 billion Ghana cedis had been reduced and booked to 30 million Ghana cedis to prove that the bank was unstable and faced systemic risk.

The Chairman made these revelations during an inspection of a former GN Bank branch in Roman Hill in Kumasi.

He also stressed that his bank had been closed unjustly.

“The people who said we only have about 30 million cedis did so intentionally because the same people said a year ago they had counted 640 million Ghana cedis.

“They have now seen a report from an independent auditor confirming that the value of our project is 2.2 billion Ghana Cedis. So why did they use that to collapse the GN Bank?” asked Dr. Nduom, according to a report by myjoyonline.com.

Despite the bank’s allegations and lawsuits against the Bank of Ghana’s (BoG) decision to revoke its banking license, a High Court in Accra upheld the BoG’s decision.

According to the court, the BoG did not violate any law.

Meanwhile, Dr. Nduom says GN Bank shareholders and stakeholders will not give up but will fight for justice.

“People were happy to save with us and business was booming. We are just sending a message because we have been doing things behind closed doors and not getting results.

“We need to do this before Akufo-Addo leaves office and we want any government that takes office to know that there is an outstanding issue that needs to be resolved,” he said.

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