{"id":692008,"date":"2019-08-26T13:04:23","date_gmt":"2019-08-26T13:04:23","guid":{"rendered":"
\n\t\t\n

Nana Ama Dokua Asiamah-Adjei<\/strong><\/p>\n\n\n\n

GOVERNMENT HAS\ndescribed as false the claim by some aggrieved residents of Elmina who\norganised a press conference on Wednesday and blamed it for the woes of GN\nSavings and Loans Lim"},"modified":"2019-08-26T13:04:23","modified_gmt":"2019-08-26T13:04:23","slug":"govt-refutes-claim-by-aggrieved-elmina-residents","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/26\/govt-refutes-claim-by-aggrieved-elmina-residents\/","title":{"rendered":"Gov\u2019t Refutes Claim By Aggrieved Elmina Residents"},"content":{"rendered":"

<\/p>\n

\n

Nana Ama Dokua Asiamah-Adjei<\/strong><\/p>\n

GOVERNMENT HAS
\ndescribed as false the claim by some aggrieved residents of Elmina who
\norganised a press conference on Wednesday and blamed it for the woes of GN
\nSavings and Loans Limited.<\/p>\n

In a response letter
\ndated August 25, 2019, signed by Nana Ama Dokua Asiamah-Adjei, deputy Minister
\nof Information headlined \u201cRe: Press Conference by Elmina Residents\u201d, Government
\nstated that \u201cthe claim made by the organisers of the press conference that the
\nwoes of GN Savings and Loans had been caused because Government had failed to
\nhonour its financial obligations to GN Savings and Loans is completely
\nmisplaced. Indeed, as at 6th<\/sup> August, 2019, Government\u2019s indebtedness
\nto GN amounted only to GH\u00a230.33 million. An agreement has, indeed, been reached
\nbetween the Ministry of Finance and GN to settle this debt. However, even when
\ncompletely settled, it will still not address GN\u2019s capital deficit of GH\u00a2638.66
\nmillion.\u201d<\/p>\n

Noting also that
\nthe Akufo-Addo administration had nothing to gain from the closure of a company
\nbelonging to a Ghanaian, government said the deliberate attempt to draw in government
\nand President Akufo-Addo into the insolvency problems of GN Savings and Loans
\nand others was totally unwarranted, unfortunate and without substance. <\/p>\n

It explained that
\nsince assuming office in 2017, the pre-occupation of President Akufo-Addo has
\nbeen to incentivise the Ghanaian private sector to be able to compete
\neffectively in the region, the continent and the world and create jobs for the
\nGhanaian people. \u00a0<\/p>\n

\u201cAs stated clearly
\nin the BoG statement, \u201cGN\u2019s insolvency problems are largely attributable to
\noverdraft and other facilities it extended to its related parties who are other
\ncompanies in the Groupe Nduom network of businesses, under circumstances that
\nviolated relevant prudential norms\u201d including transfers of large sums of money
\n($62,255,516\u201993, \u00a3718,528.59 and \u20ac4,200) from depositors\u2019 funds to foreign
\naccounts of companies of Groupe Nduom, in breach of section 19 of the Foreign Exchange
\nAct 2006, Act 723, section IV of Bank of Ghana Notice No. BG\/GOV\/SEC\/2007\/4,
\nand subsequent Bank of Ghana Notices issued in August 2014 prohibiting such
\npractices.\u201d<\/p>\n

It added that the
\noperating licence of GN Savings was revoked because of insolvency and liquidity
\nchallenges.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Nana Ama Dokua Asiamah-Adjei GOVERNMENT HAS described as false the claim by some aggrieved residents of Elmina who organised a press conference on Wednesday and blamed it for the woes of GN Savings and Loans Limited. In a response letter dated August 25, 2019, signed by Nana Ama Dokua Asiamah-Adjei, deputy Minister of Information headlined […]<\/p>\n","protected":false},"author":1,"featured_media":692009,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-692008","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nGov\u2019t Refutes Claim By Aggrieved Elmina Residents - 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\/26\/govt-refutes-claim-by-aggrieved-elmina-residents\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov\u2019t Refutes Claim By Aggrieved Elmina Residents - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Nana Ama Dokua Asiamah-Adjei GOVERNMENT HAS described as false the claim by some aggrieved residents of Elmina who organised a press conference on Wednesday and blamed it for the woes of GN Savings and Loans Limited. 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