Nduom grateful to BOG, other stakeholders

BY: Kobby Asmah
Dr  Papa Kwesi Nduom
Dr Papa Kwesi Nduom

The Chairman of GN Bank, Dr  Papa Kwesi Nduom, has expressed gratitude to the many stakeholders who had pulled the indigenous bank back into a good operating condition. 

He is confident that the goodwill shown will enable GN Bank to become the foundation for a formidable Ghanaian bank after December 31, 2018. 

Sharing these positive sentiments with the Daily Graphic in a telephone interview yesterday, Dr Nduom particularly commended officials of the Bank Of Ghana (BOG) for the recent constructive engagement with the bank’s shareholders, management and directors which had led to improvement in governance practices. 

BOG officials, he said, had also shown greater appreciation for the efforts of GN Bank to collect debts owed by government agencies and affiliates. 

This, he said, would help improve GN Bank’s liquidity and ability to meet the minimum paid up capital required by the BOG. 

He further thanked customers who were bringing their deposits back and the staff of GN Bank who had withstood pressures from all angles to deliver very good customer service.
Stop panic withdrawal

It will be recalled that Dr Nduom led a team of GN Bank officials to go on a tour of the 10 regions commencing on October 3, 2018 with the theme “Stop the panic withdrawal and save our indigenous banks.”

According to Dr Nduom, the presence of the team during the national tour calmed the fears of those who thought GN Bank was going to suffer the fate of the seven indigenous banks closed by the BOG.

The team, he said, used the opportunity to thank the customers who had remained loyal and kept their monies with the indigenous banks and also advised shareholders, directors and employees of indigenous banks to correct all problems pointed out to them by the BoG and ensure that they implement good governance practices.

Further more, he said that the team informed  the public that Government on August 2, 2018 through the Minister of Finance Mr. Ken Ofori-Atta in a statement promised that “To further strengthen the indigenous banking sub-sector, the Government is considering various structures through which it can provide financial support to help other indigenous banks...”.

The team therefore assured the public in the aftermath of the collapse of seven indigenous banks, that no customer had lost any money and that deposits with licensed banks were safe. 
Commercial customers

According to Dr Nduom, it turns out that many commercial customers needed reassurances as they did not view GN Bank as a regular bank.
He said that GN Bank is considered a special, national retail bank,  the one in many towns other banks can’t or don’t want to go. 

So it has developed a unique clientele who had come to rely on it for safe keeping and transfers of their monies, he stated.

He said that the GN Bank with its 300 locations and 1.2 million customers was promoting development through reducing the numbers of the population that was unbanked.

Towns such  as  Wecchiaw, Tumu, Wa, Nandom, Nadowli, Gwollu; Tempane, Widana, Paga, Navrongo, Bolga; Walewale, Savelugu, Karaga, Saboba, Tamale, Yendi; Kintampo, Ejura, Djemeni, Techiman, Kwame Danso, Wenchi, Chiraa, Goaso; Bogoso, Prestea, Akontombra; Ayanfuri, Dunkwa, Asebu, Anomabo, Mankessim, Abrem Agona and many more, he said appreciated the presence of GN Bank in their communities .

Also, many small businesses have expanded their reach to other towns and regions because GN Bank offers them the ability for their customers to deposit monies into their accounts without them having to travel on bad roads.