By Jeremiah Nutsugah
Dr. Paa Kwesi Nduom, a former Presidential Candidate of the Convention People’s Party (CPP), is demanding that the government restore his company’s license.
GN Bank, a subsidiary of the Nduom Group of Companies, collapsed in 2019 alongside other local banks during a financial sector cleanup overseen by former Finance Minister Ken Ofori-Atta. Dr. Nduom blames the Nana Addo Dankwa Akufo-Addo government for the collapse of GN Bank.
According to Dr. Nduom, GN Bank faced financial difficulties because it had provided loans to Ghanaian contractors to execute government projects, but the loans were not repaid. He claims that GN Bank would still be in operation if the government had paid the contractors, allowing the bank to recoup its investments. Instead, the bank was shut down by the same institution that owed it money.
“If we finance Ghanaian contractors, that money should come back to the company, but they didn’t pay. That money is with the government and its agencies, and they know it. Both the former Finance Minister and the current one are aware of what I’m talking about,” Dr. Nduom said.
“The head of COCOBOD is aware of what I’m talking about because we pre-financed a lot of the cocoa roads, but the government didn’t pay us and instead ended up collapsing our bank,” he added.
Dr. Nduom is urging the government to address these issues and restore GN Bank’s license, highlighting the need for accountability and support for local businesses.
