{"id":685718,"date":"2019-08-19T16:50:37","date_gmt":"2019-08-19T16:50:37","guid":{"rendered":"<br><div>\n<p class=\"floatLeft\">General News of Monday, 19 August 2019<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>classfmonline.com<\/p>\n2019-08-19\n\n<div class=\"article-left\">\n<p class=\"article-image\"><img src=\"https:\/\/ghana-mma.com\/wp-content\/u"},"modified":"2019-08-19T16:50:37","modified_gmt":"2019-08-19T16:50:37","slug":"dont-mix-us-with-government-bog-reacts-to-gn-savings-and-loans-claims","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/19\/dont-mix-us-with-government-bog-reacts-to-gn-savings-and-loans-claims\/","title":{"rendered":"Don&#8217;t mix us with government : BoG reacts to GN savings and loans claims"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"floatLeft\">General News of Monday, 19 August 2019<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>classfmonline.com<\/p>\n<p>2019-08-19<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/08\/86423898.295.jpg\" alt=\"NDOUM66\" title=\"NDOUM66\" width=\"295\" height=\"157\" \/><span class=\"image_caption\"><span>Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom<\/span><\/span><\/p>\n<\/div>\n<p style=\"clear:right\"> Bank of Ghana, BoG has responded to claims of Groupe Ndoum that the Central Bank decision to revoke the licence of GN savings &amp; loans was inappropriate.<\/p>\n<p>Deputy Director of Banking Supervision Department at BoG Elliot Amoako in an interview with Joy FM said depositors cannot be made to suffer due to wrong investment decisions made by GN savings and loans company.<\/p>\n<p>Elliot Amoako also blames the state of GN savings and loans currently on overexposure to government business.<\/p>\n<p>He also advised stakeholders to learn to separate the regulators work from government business.<\/p>\n<p>&#8220;If it turns out to be true that government owes him and government has not paid and we have this storyline for quite a while now, well for us as a Central Bank we are dealing with the financial institution and the financial institution is required to be solvent to meet depositors demand, granted one of the risks the institution took was to fund government projects, let&#8217;s say you are bank if you give your money to Mr X and he does not pay you back and for that reason your depositors are suffering is that the most prudent way to use your funds that is no excuse to the depositor, don&#8217;t mix us with government we are not government we are to regulate the financial system&#8230;&#8221;<\/p>\n<p>GN savings and loans reaction to licence revocation<\/p>\n<p>GN Savings &amp; Loans Limited has reacted to Bank of Ghana&#8217;s decision to revoke the licence of the company. A statement signed by the Chairman and Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom said the claims by the Bank of Ghana for the revocation of their licence is \u201cwildly inaccurate.\u201d<\/p>\n<p>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<p>\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<p>Licence revocation<\/p>\n<p>The Bank of Ghana revoked the licenses of some 23 Savings and Loans Companies and Financial Houses including GN Savings and Loans.<\/p>\n<p>The Bank of Ghana in announcing the revocation of GN Savings and Loans\u2019 licence 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<p>\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<\/div>\n","protected":false},"excerpt":{"rendered":"<p>General News of Monday, 19 August 2019 Source: classfmonline.com 2019-08-19 Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom Bank of Ghana, BoG has responded to claims of Groupe Ndoum that the Central Bank decision to revoke the licence of GN savings &amp; loans was inappropriate. Deputy Director of Banking Supervision Department at BoG Elliot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":685719,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-685718","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Don&#039;t mix us with government : BoG reacts to GN savings and loans claims - 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\/19\/dont-mix-us-with-government-bog-reacts-to-gn-savings-and-loans-claims\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Don&#039;t mix us with government : BoG reacts to GN savings and loans claims - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"General News of Monday, 19 August 2019 Source: classfmonline.com 2019-08-19 Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom Bank of Ghana, BoG has responded to claims of Groupe Ndoum that the Central Bank decision to revoke the licence of GN savings &amp; loans was inappropriate. 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