GN Savings would’ve been liquid if govt paid its debts – Nduom

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The Chairman of GN Savings and Loans, Dr Papa Kwesi Nduom, says his company would have been highly liquid if the Ministry of Finance and other government agencies had paid debts owed to it.

The BoG on Friday, August 16, 2019, revoked the licences of GN Savings and Loans and 22 other insolvent savings and loans companies and finance house companies.

According to the BoG, GN Savings and Loans, despite its reclassification from a universal bank to a savings and loans company in January this year, the company was unable to resolve its liquidity crisis.

But in a statement, Dr. Nduom stated that “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).”

He added “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​. We expect this matter to be resolved in due course.”

Below is the full statement

It has come to the attention of Groupe Nduom Limited, the entity representing the  interests of the majority shareholders and founders of GN Savings Limited, that documents are  circulating that purport to be from the Bank of Ghana (BoG) regarding the receivership of GN  Savings Limited.

Please note the following:

1.1. Neither shareholders nor management of GN Savings have received any official  communication from the BoG regarding receivership.

1.2. 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). 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.

1.3. 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​. We expect this matter  to be resolved in due course.

1.4. GN Savings and all other concerned stakeholders will respond with more detail  shortly, but in the meantime, we pray that all customers and stakeholders remain  calm while we work through this matter with the relevant parties.

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