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Global President of Groupe Nduom, Dr. Papa Kwesi Nduom, has described as shocking how the operating license of his subsidiary bank, GN Bank, was revoked by the\u00a0Bank of Ghana\u00a0in 2019.<\/p>\n During a courtesy call on former President\u00a0John Dramani Mahama\u00a0who is the flagbearer of the opposition National Democratic Congress, Dr. Nduom said he had engaged extensively with the management of the central bank and fashioned out a process to revitalize the bank. Thus, he found it shocking when the\u00a0Bank of Ghana\u00a0turned around and collapsed his bank.<\/p>\n \u201cThe governor who is there sat with me and said, \u2018Why don\u2019t you accept to be reclassified from a universal bank to a savings and loans company, knowing that for savings and loans, the minimum requirement is only 15 million?\u2019\u201d he told the former president.<\/p>\n According to him, he heeded the governor\u2019s advice and subsequently satisfied some six conditions set out by the\u00a0Bank of Ghana, including having a capital of over GH\u00a2200 million, well over the minimum requirement.<\/p>\n \u201cRemember, for savings and loans you require GH\u00a215 million. So imagine my shock when I am sitting in Chicago doing some work and in August I am told that they have taken our license,\u201d he stated.<\/p>\n He thus appealed to former President Mahama to reinstate GN Bank\u2019s license if he wins the December 7, 2024, elections.<\/p>\n \u201cWe believe that if this administration doesn\u2019t give us our license before they leave and start paying the money before they leave, the next one will understand the situation and give the license back. So, we are continuing with hope, preparing and working on our plans with the hope that, at some point, we will get the license back and bring the jobs back. Because it is the jobs that we are also looking for,\u201d Nduom stated.<\/p>\n He emphasized that the collapse of a 300-branch financial entity is detrimental to the country\u2019s economic interests, regardless of ownership.<\/p>\n \u201cWe feel that collapsing a 300-branch financial entity is inimical to the economic interest of the country. So, whether it even belongs to us or belongs to someone else, it is something that needs to be there,\u201d he stated.<\/p>\n Imagine my shock when I’m sitting in Chicago doing some work and I’m told they have taken our license \u2013 Dr. Paa Kwesi Nduom pic.twitter.com\/ALIatr7UWU<\/a><\/p>\n \u2014 GTV Ghana (@GTV_Ghana) July 19, 2024<\/a><\/p>\n<\/blockquote>\n <\/p><\/div>\n\n