Paa Kwesi Nduom shares Ken Ofori-Atta’s supposed cabinet document urging the collapse of GN Bank.
Paa Kwesi Nduom shares Ken Ofori-Atta’s supposed cabinet document urging the collapse of GN Bank.
Dr. Paa Kwesi Nduom, the founder and executive chairman of Groupe Nduom, posted a memo for a cabinet meeting on social media. It purports that former finance minister Ken Ofori-Atta petitioned Cabinet to guarantee the failure of the old GN Bank in order to avoid political meddling.
Nduom claims that the memorandum asked the cabinet to cancel GN Bank’s banking license.
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According to Nduom, Ken Ofori-Atta took action to neutralize the bank and stop it from being utilized to undermine the government in power politically.
“I have a memo with me here that was submitted at the time by Mr. Ken Ofori-Atta, the Minister of Finance, requesting Cabinet approval for the collapse of GN Bank and the seizure of its license. The fact that this bank was the largest and most widely distributed bank in Ghana was not taken into account in this memorandum.
It failed to acknowledge that we were offering banking services that boosted Ghana’s financial inclusion. It failed to acknowledge that we were assisting Ghana’s economic and financial progress.
In an extremely popular video that was posted on X, formerly Twitter, Dr. Paa Kwesi Nduom declared, “Let’s shut it down. These people are causing us problems and therefore it might affect our political chances.”
He admitted that even though the document was brought to the cabinet, Ken Ofori-Atta’s plea to have the bank’s operating licence revoked was denied.
The GN Bank was among the 23 savings and loans and finance house organisations whose licences were revoked by the Bank of Ghana in 2019. The bank then filed a lawsuit to contest the Bank of Ghana’s decision to revoke GN Savings and Loans’ license.
However, in January of this year, the Central Bank’s decision was upheld by an Accra High Court presided over by Justice Gifty Addo Adjei. The court emphasised that the Central Bank had the right to revoke the licence because of governance shortcomings that prevented GN Savings and Loans from meeting its debt obligations.
