GN Savings Demands License Restoration, Challenges BoG’s Insolvency Claims

GN Savings has called on the Bank of Ghana (BoG) to restore and upgrade its license, claiming the central bank’s August 16, 2019, statements regarding its insolvency are wildly inaccurate.

The financial institution asserts it had more than the GHS30.33 million cited by BoG and complied with all regulatory requirements.
GN Savings, formerly GN Bank, highlighted the government’s debt of over GHS7.1 billion to Groupe Nduom companies as a significant factor in its financial challenges.

The company argues that if these debts were settled, it would be solvent and capable of becoming a universal bank again.

The statement details GN Savings’ adherence to BoG’s requirements and the unjustified revocation of its license despite substantial efforts to comply with regulatory demands. GN Savings also denies allegations of illegal foreign currency transfers and calls for a resolution to maintain financial stability and inclusion in Ghana.

The Corporate Affairs Department emphasized the necessity for government intervention and a reevaluation of BoG’s decision to support GN Savings’ operational continuity and growth.

Statement below in full:

GN-Bank-Press-Release[1]