Broken Doors and Weedy Compounds Greet Dr. Nduom on Nationwide Tour to Revive GN Bank

Broken doors, windows, and overgrown compounds greeted Dr. Paa Kwesi Nduom, Global Chairman of Groupe Nduom, as he commenced a nationwide tour to campaign for the revival of the defunct GN Bank. The tour, dubbed “BringBackGNBank,” aims to visit all 300 GN Bank offices across the country to inspect the state of the facilities, engage with customers, and reveal plans to resuscitate the company.

The first phase of the tour began last Sunday, with visits to several branches in the Central Region. Accompanied by management and staff of Groupe Nduom, the team visited the old offices in Kasoa Amanfrom, Awutu Breku, Gomoa Potsin, Afranse, Biriwa, Makessim, Cape Coast, and Takoradi.

In some areas, the team was shocked to find the offices in a complete state of disrepair. While a few branches remained intact, others, such as Kasoa Amanfrom and Awutu Breku, had been taken over by churches.

At various engagements, Dr. Nduom expressed concern that since the bank's collapse, many customers had been excluded from the formal financial system. Particularly in remote areas, customers faced challenges ranging from limited savings options to restricted economic growth opportunities—services the bank previously provided.

“We were the only bank that saw the opportunity in establishing branches in some of these deprived areas. Ever since our licence was revoked, no bank has made an effort to fill that vacuum,” Dr. Nduom stated.

He further explained that before the licence revocation, the bank was in good standing, with most of its funds invested in government projects as loans and advances to contractors hired by government ministries and agencies.

Dr. Nduom emphasized that the Bank of Ghana and other parties failed to consider the government's indebtedness to the company in deciding on its solvency. He urged affected individuals to join the call for the government to restore the bank’s licence.

“I am hopeful that even if this administration ignores us, the next government will restore our licence. The vigour and enthusiasm we will use to lift up GN Bank will be unprecedented,” Dr. Nduom said.

In 2019, the Bank of Ghana revoked the licences of 23 savings and loans companies, including GN Bank. The bank challenged the revocation legally, but in January this year, an Accra High Court upheld the Central Bank’s decision, citing governance deficiencies that rendered GN Savings and Loans unable to meet its debt obligations. The bank has indicated plans to appeal the decision.

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