Elmina plans demo to save Nduom's GN Savings & Loans

Residents of Elmina are up in arms against the government for revoking the license of GN Savings and Loans. They claim President Nana Addo Dankwa Akufo-Addo is scheming to render the Chairman and President of Groupe Nduom, Dr Papa Kwesi Nduom, poor. The residents say they consider Dr Nduom their father, son, helper, caretaker of the jobless and father of orphans in the coumminity and would not sit for his business to be collapsed. According to them, Dr Nduom even has a business in Kyebi, the hometown of the president, and so revoking the license of his group will affect others in Kyebi too. These Elmina residents have planned a major demonstration on Tuesday, September 3 in Elmina to press home their demands. The residents held a press conference near the Elmina market on Wednesday, August 21. Spokesperson and leader John Quansah said the demonstration next month will be the beginning of several mass actions to get Dr Nduom’s company back in business. GN Savings and Loans was among 23 savings and loans companies whose licenses were revoked by the Bank of Ghana on Friday, August 16. According to the Bank of Ghana, following the reclassification of GN Bank from a universal bank to a savings and loans firm, it has deteriorated with both negative capital adequacy ratio and negative net worth. Despite a stiff challenge mounted by Dr Nduom against the move, the Central Bank declared GN Savings and Loans insolvent under Section 123 (4) of the Banks and SDIs Act, 2016 (Act 930).

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But the residents will have none of it. ‘Edwumawura’ They said Dr Nduom’s monies owed by the government should be immediately paid to make his bank solvent. They said the “son of Elmina” did not earn the title ‘Edwumawura’ for nothing. Mr Quansah wondered what wrong at all Dr Nduom has done the government to be treated in such a derogatory manner. Source: editors.3news.com|Ghana