Ghanaian Welcomes PPP's Move To Beg Akufo-Addo To  Reinstate GN Bank

Scores of Ghanaians have welcomed the decision made by the  Progressive Peoples Party (PPP) to appeal to President Nana Addo Dankwa Akufo-Addo to intervene for the reinstatement of the license of GN Bank.

According to some Ghanaians interviewed on Wednesday, January 19, 2022, they were in full support of the members of the PPP to arrive at their decision to appeal to the President to revamp GN Bank owned by Dr. Papa Kwesi Nduom.

They explained that the GN Bank is an indigenous private Ghanaian-owned commercial bank in Ghana, adding that the bank is one of the private commercial banks licensed to operate in Ghana which has over 260 locations across the 16 regions of Ghana.

They pointed out that the collapse of the bank at the time President Akufo-Addo over political power from the former President John Dramani Mahama has been a blow to many of that since many Ghanaians working with the bank have been reddened joblessness which outcome has affected the economy of this country.

Some traders at the Kwame Nkrumah Circle, Kwashiebu, Abeka Lapa, Nugua and Kaneshie Market, Mallam Junction, and Teshie who spoke to this reporter on condition of anonymity were of the view that the restate of the GN Bank would help the country create more jobs in the banking sector for the teeming unemployed people in the country

Meanwhile, the  PPP in a press statement noted that nothing has changed after revoking the licenses of a number of Ghanaian banks which includes the GN bank.

“We hereby make a special appeal to the H.E. the President of the Republic to use his authority to cause the reinstatement of the GN Bank license.  Many of the communities are still without a licensed financial institution.  Many valuable assets are simply rotting.  The economy has not grown to absorb the thousands that were abruptly thrown out of jobs,” the National Chairman for PPP, Nana Ofori Owusu appealed.

The Bank of Ghana downgraded the GN bank into a savings and loans company after it failed to meet the new GHC400 million minimum capital requirement.

The GN Bank could not still survive which led to the license later being revoked by the Bank of Ghana.

In a statement dated 18th January 2022, the PPP indicated that “there are thousands of soldiers, police officers, judges, teachers, civil servants, business people and people from all walks of life whose life savings are locked up as a result of SEC revoking fund managers’ licenses.

“We make another appeal to the President of the Republic to direct the SEC to make sure that all customers of fund managers including Gold Coast/BlackShield are paid their investments without conditions.”

Below is the full statement from the PPP

For Immediate Release

Date: 18th January 2022

To: All Media Houses

Subject: PAY AFFECTED PERSONS IN THE FINANCIAL SECTOR CLEAN UP EXERCISE

The Progressive People’s Party (PPP) for the first time wishes to weigh in on the matter involving indigenous Ghanaian contractors, financial institutions, and their customers.  We state up front that the financial institutions were licensed and regulated by government agencies.  The contractors were also given legitimate contracts by government agencies.  It is government regulators that made the decisions to revoke the licenses of specific financial institutions.  Some of these institutions have complained that they are owed by the contractors employed by the state agencies.  They complain further that the decision to withhold payments for work done and cancel contracts was made by government officials.

The Akufo-Addo Administration is the government of the day under whose tenure these problems have been created by its agencies, ministers, and officials.  Therefore, we demand urgent action by President Nana Akufo-Addo to solve the problems caused by his government.

We demand urgent action as follows, in priority order:

Pay all the customers of all regulated financial institutions whose licenses were revoked by government regulators, without conditions.

Restore contracts of Ghanaian contractors canceled or suspended because they could not source additional funds to continue the work, and pay the debts (including interest) of the contractors owed to the financial institutions as a result of non-payment over the years.  It is our estimate that these amounts could be as high as GHC10 billion.

Give credit to the financial institutions affected for the debts accumulated (including interest) from financing contracts awarded by state agencies.

There are indisputable facts that we have taken time to validate.  They include the following:

Contrary to the impression given by the Governor of the Bank of Ghana, the Receivers, and other officials, not all customers of the banks and non-bank financial institutions have received their deposits.  Unfortunately, a huge lie has been told to President