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Friday, October 7, 2022

Papa Kwesi Nduom fills eyes of Ghanaians with tears

Chief Executive of Groupe Nduom, Dr Papa Kwesi Nduom, has left social media users in tears with his latest post on his grace to grass story.

The businessman and politician has taken to his Facebook page to recount the collapse of his GN Bank which had several branches nationwide three years on.

The Bank of Ghana on August 16, 2019, revoked the licences of some 23 insolvent savings and loans and finance house companies including GN Savings and Loans Ltd which he owned.

Announcing the closure, the Central Bank indicated that the financial condition of GN Savings and Loans Limited had deteriorated since its reclassification from GN Bank in 2018, with both negative capital adequacy ratio and negative net worth.

BoG further explained its Capital Adequacy Ratio (CAR) was -61% in breach of the minimum requirement of 13%.

But to Dr Nduom, a dream to develop a safe and sound regulated financial institution present everywhere in Ghana was deferred with thousands of young men and women now at home.

“Hundreds of millions of assets have been lost, abandoned, destroyed or rotting away: 300 branches remain locked up. The unbanked remains unbanked,” he wrote in a Facebook post.

Quoting inspiration from Jeremiah 29: 11, he stated his faith, however, remains strong in the face of the challenges.

His post has sparked mixed reactions amid prayers for God to restore everything he has lost in the course of the financial sector clean-up.

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