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Chairman of Groupe Ndoum and owner of GN Bank, Dr. <a data-link-role-code="open_new_tab" href="https://www.pulse.com.gh/news/business/its-painful-bog-collapsed-agongos-heritage-bank-nduoms-gn-bank-and-duffuors-unibank/t1rep25">Papa Kwesi Ndoum</a>, has petitioned former President John Dramani Mahama to assist in the restoration of GN Bank.

Help restore GN Bank if you return to power — Nduom petitions Mahama | Pulse Ghana

Emmanuel Tornyi

This development comes amid ongoing discussions about the challenges facing Ghana's banking sector and the need for strategic interventions to revive struggling institutions.

In his petition, Dr. Nduom emphasised the critical role GN Bank played in providing financial services to underserved communities, especially in rural areas.

He argued that the bank's unique positioning and commitment to financial inclusion make it an essential asset in Ghana's economic landscape.

Dr. Nduom called on Mahama to use his influence and experience to advocate for policies and measures that would facilitate the bank's return to full banking operations.

He highlighted the need for a collaborative approach involving key stakeholders, including the Bank of Ghana, government agencies, and the private sector, to develop a comprehensive plan for GN Bank's revival.

He expressed concern over the deteriorating state of 300 of the bank’s centres across the country.

He said "We believe that if this administration doesn't give us our license before they leave and start paying the money before they leave, we believe that the next one, will understand the situation and give the licence back. So we are continuing with the hope and preparing and working our plans with the hope that, at some point, we will get the licence back and we'll bring the jobs back. Because it is the jobs, that we are also looking for."

"So we 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," he noted.

Mahama criticised the decision of the New Patriotic Party (NPP) government to revoke the licences of some Indigenous financial institutions as part of the 2019 banking sector cleanup, labelling it as a hasty action.

"I do think that government was hasty in what it did. If you look at the criteria that was used, I mean, it didn’t fit. It was, it was not a one-size-fits-all-all. I mean, it was just like different rules for different, folks and so, yes, as you said, a lot of these banks had also financed government suppliers and contractors and the government owed them and they owed the banks.

"But how would they recover that money if you don’t pay the contractors to pay them? And so I do think that it was hasty, and it's affected indigenous capital in the financial and banking sector. And we have pledged that we would work to restore, you know, the capital of indigenous businesses in the financial sector.

"So we are advocating an independent review of the processes that went into the banking sector clean up and where we believe these were unjustifiable, look at the restoration of the licenses of this bank," he stressed.

GN Bank, once a prominent player in Ghana's banking industry, faced severe financial difficulties leading to its reclassification as a savings and loans company by the Bank of Ghana in January 2019.

The decision was part of a broader cleanup exercise aimed at strengthening the financial sector and protecting the interests of depositors.

However, the reclassification significantly impacted the bank's operations, leading to a loss of confidence among customers and stakeholders.

Help restore GN Bank if you return to power — Nduom petitions Mahama

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