Groupe Nduom Urges BoG to Restore and Upgrade GN Savings’ License

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Groupe Nduom has vigorously contested the Bank of Ghana’s (BoG) assertions regarding the revocation of GN Savings’ license on August 16, 2019. On June 14, 2024, the BoG reiterated its justification for the 2019 decision, citing significant regulatory breaches by GN Savings.

The Central Bank maintains that GN Savings failed to meet essential financial regulations and banking standards, thus endangering its operational stability. Consequently, the BoG has stated it cannot restore GN Savings’ license as demanded by its management.

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BoG’s Position:

  1. Regulatory Breaches:
  • GN Savings was said to fall short in capital adequacy, liquidity, governance, and risk management.
  • The BoG’s revocation of the license was based on these deficiencies, which it claims posed a risk to the bank’s stability and overall financial system.
  1. Insolvency Declaration:
  • The Central Bank’s 2019 statement mentioned that GN Savings lacked sufficient funds, with only GHS30.33 million available, leading to its insolvency declaration.

Groupe Nduom’s Counterclaims:

  1. Inaccurate Information:
  • Groupe Nduom asserts that the BoG’s declaration of insolvency was based on “wildly inaccurate” information.
  • They claim that GN Savings had more than the GHS30.33 million cited by BoG.
  1. Compliance with Regulations:
  • GN Savings purportedly adhered to all BoG regulations and provided a detailed report in June 2019 demonstrating positive business progress.
  • Groupe Nduom refutes any claims of illegal foreign currency transfers by GN Savings.
  1. Outstanding Debts:
  • The Government of Ghana and its agencies allegedly owe Groupe Nduom companies over GHS7.1 billion.
  • Groupe Nduom argues that if these debts were paid, GN Savings would have sufficient capital to compensate customers and restore its status as a universal bank.

Call for Correction:

  • Groupe Nduom is urging the BoG to admit its mistake and restore GN Savings’ license. They have sought justice through legal channels and petitioned high-ranking officials, including President Nana Akufo-Addo and Vice President Mahamudu Bawumia.
  • They assert that correcting this mistake is crucial for the stability and future of GN Savings and its customers.

Groupe Nduom’s Statement:

“The statements Bank of Ghana (BOG) issued on August 16, 2019, regarding GN Savings are wildly inaccurate; BOG was aware that GN Savings had available to it more than the GHS30.33 million that it relied upon to declare it insolvent; GN Savings was not allowed by regulation, and GN Bank did not engage in illegal foreign currency transfers; GN Savings complied with all requirements laid down by BOG as a savings and loans company and wrote a detailed report in June 2019 to prove that its business was moving positively forward.”


The disagreement between Groupe Nduom and the Bank of Ghana underscores a critical financial dispute, highlighting the need for transparent and accurate financial assessments. The resolution of this issue is vital for the integrity of Ghana’s financial system and the protection of its customers.

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