GN Savings and Loans fires back at BoG over revocation

Management of GN Savings and Loans Limited has stated they are unaware about the appointment of a Receiver for the company following a revocation of their license. This comes on the back of a statement released by the Bank of Ghana on Friday to the effect that the operating licenses of 23 savings and loans companies have been revoked for failing to meet the minimum capital requirement.

But in a statement signed by Chairman of Groupe Ndoum (mother company of GN Savings and Loans Company), Dr. Papa Kwesi Ndoum, the company said it has no knowledge of the said revocation, and that there are inaccuracies in some of the claims made against it by the Central Bank. “Neither shareholders nor management of GN Savings have received any official communication from the BoG regarding receivership. “If these documents are indeed genuine, the statements within regarding GN Savings are wildly inaccurate. Given the detailed information provided to the BoG nearly a year ago, these statements are inconsistent with our discussions with both the BoG and the Ministry of Finance (MoF),” the statement indicated. The statement further explained government owes them huge sums of money, which the company suggests is part of the cause of their ‘woes’. “We are aware that the MoF has previously confirmed that balances due to GN Savings and other related parties are far in excess of the amounts quoted in the communication from the BoG. “Our position is that GN Savings is not only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities.” GN Savings and Loans urged customers to remain calm, as it works to ensure things are put in order.
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