{"id":683931,"date":"2019-08-17T08:18:45","date_gmt":"2019-08-17T08:18:45","guid":{"rendered":"
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The Chairman and Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom has discredited claims by the Bank of Ghana that the company was in serious financial distress and fell far below its capital requirement level, hence the revocation o"},"modified":"2019-08-17T08:18:45","modified_gmt":"2019-08-17T08:18:45","slug":"gn-savings-loans-solvent-bogs-claims-wildly-inaccurate","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/17\/gn-savings-loans-solvent-bogs-claims-wildly-inaccurate\/","title":{"rendered":"GN Savings & Loans solvent, BoG’s claims ‘wildly inaccurate’"},"content":{"rendered":"

<\/p>\n

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The Chairman and Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom has discredited claims by the Bank of Ghana that the company was in serious financial distress and fell far below its capital requirement level, hence the revocation of its license.<\/p>\n

Nduom, in a statement, said the claims by the central bank was \u201cwildly inaccurate.\u201d<\/p>\n

He was reacting to news of the Bank of Ghana\u2019s decision to revoke the licenses of some 23 Savings and Loans Companies and Financial Houses including GN Savings and Loans.<\/p>\n

The Bank of Ghana in announcing the revocation of GN Savings and Loans\u2019 license said: \u201cGN\u2019s shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.\u201d<\/p>\n

\n

\u201cWhile GN has indicated that government owes it a total amount of GH\u00a2942.98 million of which GH\u00a2102.73 million represented Interim Payment Certificates (IPCs), the Bank of Ghana\u2019s assessment is that IPCs totaling GH\u00a230.33 million only have been confirmed by the Ministry of Finance as at 6th August 2019 as owed to contractors that may be indebted to affiliates of GN,\u201d the Bank of Ghana said.<\/p>\n<\/blockquote>\n

Nduom in the statement also stated that: \u201cNeither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership.\u201d<\/p>\n

\n

\u201cOur position is that GN Savings is not only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities. We expect this matter to be resolved in due course,\u201d the statement added.<\/p>\n<\/blockquote>\n

\u00a0<\/p>\n

Below is the full statement from Group Nduom<\/strong><\/h4>\n

\"\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Chairman and Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom has discredited claims by the Bank of Ghana that the company was in serious financial distress and fell far below its capital requirement level, hence the revocation of its license. 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