{"id":684089,"date":"2019-08-17T11:59:50","date_gmt":"2019-08-17T11:59:50","guid":{"rendered":" <br><div data-io-article-url=\"https:\/\/www.adomonline.com\/shocked-nduom-reacts-to-shut-down-of-gn-savings-and-loans-by-bog\/\">\n            <div class=\"td-post-featured-image\"><figure><img width=\"600\" height=\"400\" class=\"entry-thumb td-modal-image\" src=\"htt"},"modified":"2019-08-17T11:59:50","modified_gmt":"2019-08-17T11:59:50","slug":"shocked-nduom-reacts-to-shut-down-of-gn-savings-and-loans-by-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/17\/shocked-nduom-reacts-to-shut-down-of-gn-savings-and-loans-by-bog\/","title":{"rendered":"Shocked Nduom reacts to shut down of GN Savings and Loans by BoG"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/shocked-nduom-reacts-to-shut-down-of-gn-savings-and-loans-by-bog\/\">\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/08\/kwesi.png\"   alt=\"\" title=\"kwesi\"\/><figcaption class=\"wp-caption-text\">Dr Papa Kwesi Nduom, CEO, Groupe Nduom<\/figcaption><\/figure>\n<\/div>\n<p>The Chief Executive Officer (CEO) of Groupe Nduom, Dr Papa Kwesi Nduom, has described as \u201cwidely inaccurate\u201d  the Bank of Ghana\u2019s (BoG) statement that sought to justify why GN Savings and Loans Limited was closed down by the entity.<\/p>\n<p>\u201cThe statements within regarding GN Savings\u00a0 are wildly inaccurate. Given the detailed information provided to the BoG nearly a\u00a0 year ago, these statements are inconsistent with our discussions with both the BoG\u00a0 and the Ministry of Finance (MoF). <\/p>\n<p>\u201cWe are aware that the MoF has previously\u00a0confirmed that balances due to GN Savings and other related parties are far in\u00a0excess of the amounts quoted in the communication from the BoG,\u201d Dr Nduom in a statement said in reaction to the collapse of GN Savings and Loans Limited which was announced yesterday by the BoG.<\/p>\n<p>The BoG said \u201cthe revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalised by their shareholders to return them to solvency.<\/p>\n<p><strong>READ: Video: Ghanaian lesbian reveals what excites her about the lifestyle<\/strong><\/p>\n<p>\u201cThese actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.\u201d<\/p>\n<p><strong>Below is Dr Nduom\u2019s reaction:<\/strong><\/p>\n<p>PRESS RELEASE\u00a0 DATE: AUGUST  16, 2019\u00a0 SUBJECT: REGARDING REPORTS OF GN SAVINGS RECEIVERSHIP\u00a0 <strong><em><strong><em>_________________________________________________<\/em><\/strong><\/em><\/strong>\u00a0<\/p>\n<p>It has come to the attention of Groupe Nduom Limited, the entity representing the\u00a0 interests of the majority shareholders and founders of GN Savings Limited, that documents are\u00a0 circulating that purport to be from the Bank of Ghana (BoG) regarding the receivership of GN\u00a0 Savings Limited.\u00a0<\/p>\n<p>Please note the following:\u00a0<\/p>\n<ol>\n<li>Neither shareholders nor management of GN Savings have received any official\u00a0 communication from the BoG regarding receivership.\u00a0<\/li>\n<\/ol>\n<p> 2. If these documents are indeed genuine, the statements within regarding GN Savings\u00a0 are wildly inaccurate. Given the detailed information provided to the BoG nearly a\u00a0 year ago, these statements are inconsistent with our discussions with both the BoG\u00a0 and the Ministry of Finance (MoF). We are aware that the MoF has previously\u00a0 confirmed that balances due to GN Savings and other related parties are far in\u00a0 excess of the amounts quoted in the communication from the BoG.\u00a0\u00a0 <\/p>\n<p>3. Our position is that GN Savings is not only solvent, \u200bbut would be highly liquid if\u00a0 the MoF simply ordered itself and other government agencies to quickly pay\u00a0 amounts owed to GN Savings and other related entities\u200b. We expect this matter\u00a0 to be resolved in due course.<\/p>\n<p>\u00a04. GN Savings and all other concerned stakeholders will respond with more detail\u00a0 shortly,  but in the meantime, we pray that all customers and stakeholders remain\u00a0 calm while we work through this matter with the relevant parties.\u00a0\u00a0<\/p>\n<p>Sincerely  yours,\u00a0<br \/>Papa Kwesi Nduom, Chairman and CEO\u00a0 Groupe Nduom\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr Papa Kwesi Nduom, CEO, Groupe Nduom The Chief Executive Officer (CEO) of Groupe Nduom, Dr Papa Kwesi Nduom, has described as \u201cwidely inaccurate\u201d the Bank of Ghana\u2019s (BoG) statement that sought to justify why GN Savings and Loans Limited was closed down by the entity. \u201cThe statements within regarding GN Savings\u00a0 are wildly inaccurate. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":684090,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-684089","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shocked Nduom reacts to shut down of GN Savings and Loans by BoG - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/17\/shocked-nduom-reacts-to-shut-down-of-gn-savings-and-loans-by-bog\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Shocked Nduom reacts to shut down of GN Savings and Loans by BoG - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr Papa Kwesi Nduom, CEO, Groupe Nduom The Chief Executive Officer (CEO) of Groupe Nduom, Dr Papa Kwesi Nduom, has described as \u201cwidely inaccurate\u201d the Bank of Ghana\u2019s (BoG) statement that sought to justify why GN Savings and Loans Limited was closed down by the entity. \u201cThe statements within regarding GN Savings\u00a0 are wildly inaccurate. 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