The Global Chairman of Groupe Nduom, Dr Paa Kwesi Nduom, has begun a nationwide tour of defunct GN Bank offices as part of a campaign to resuscitate the bank. The campaign dubbed “Bring Back GN Bank” will see Dr Nduom visit all 300 shutdown GN Bank branches across the country to inspect the state of facilities, engage with customers and reveal to them plans on how he intends to restore the bank.
The campaign began in the Central Region on Sunday May 26, 2024, with a visit to old offices in Kasoa Amanfrom, Awutu Breku, Afranse, Gomoa Potsin, Mnakessim, Biriwa, Cape Coast and Takoradi, among others. Dr Nduom was accompanied by some management and staff of Groupe Nduom. On arrival at some locations, the team were shocked to find offices in total state of disrepair. Some offices had had their windows and doors removed, others had lost their roofs, and a few others in Kasoa Amanfrom and Awutu Breku had been taken over by churches.
Dr Nduom expresses worry over neglect of customers. Dr Nduom throughout his stops across the region rehashed his concern about the financial exclusion of his former customers following the bank’s collapse. He noted that following the exit of the bank in 2019 as part of the Banking Sector Cleanup, no other financial institution has taken up the mantle to enter the underserved financial markets to enable former customers participate in the formal financial system.
He said his bank had been actively engaged in addressing the financial challenges faced by people living in underserved areas by offering them a viable and safer saving alternative as well as other financial services to improve their economic opportunities. He argued that his bank had been in good standing prior to the revocation of his license and most of the company’s funds were locked up in government funded projects as loans and advances to contractors. He blamed the government’s failure to pay back contractors on time for his company’s insolvency.
He has urged all others affected by the Banking Sector Cleanup to join his campaign to resuscitate the bank’s license and that of other financial institutions. He is hopeful that even if the incumbent government refuses to return the bank’s licensee, the next government would. He assured customers that he would renew the bank with much energy and vigor to once again become a leading bank in the country.
Dr Nduom demands government pays back GH¢7 billion owed him.Dr Papa Kwesi Nduom has said the government still owes two of his companies and some of his other firms GH¢7 billion. DR. Nduom has called on the government to reimburse contractors who borrowed money from Groupe Ndoum. The Securities and Exchange Commission revoked the license of Nduom’s Gold Coast Fund Management in 2019.
