Gov’t & BoG Shielding Nduom’s Bank

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Dr. Paa Kwesi Nduom

Angry Customers Storm Coconut Grove Hotel

The claim that both the Akufo-Addo government and the Bank of Ghana (BoG) is giving preferential treatment to Dr. Paa Kwesi Nduom’s financial institution— including GN Bank, compared to the swift and decisive manner it dealt with the seven commercial banks, is gaining currency by the day.

On Monday,scores of aggrieved customers of Gold Coast Fund Management, besieged the head office of Groupe Nduom at the Coconut Grove Regency Hotel at Ridge, Accra to demand their locked-up deposits.

The bank, has for some time now been having liquidity challenges, hence unable to release deposits to its clients, but for some strange reason, both the Akufo-Addo government the BoG, are refusing to take action as it did with uniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited and Construction Bank Limited, leading to the formation of Consolidated Bank.

Although, the owners of the bank led by Dr. Paa Kwesi Nduom, had in recent time been crisscrossing the country, assuring customers and advising them against panic withdrawals, customers numbering about 50, marched to the Coconut Grove Regency Hotel early Monday morning and refused to leave the premises until they had received their money.

Coconut Grove Regency Hotel is also owned by Dr. PaaKwesiNduom

One customer, who pleaded anonymity, told ClassFMonline.com, that she had an investment with Gold Coast which matured in September 2018, yet, she has not been able to retrieve her investment and the promised interest.

According to her, the management of the company refused to give her the money after previous visits to the firm and threatened to sleep at the premises of Coconut Grove until her funds are released.

Meanwhile, Dr Papa Kwesi Nduom, Chairman of Groupe Nduom, owners of GN Bank and Gold Coast Fund Management, among a raft of other businesses, has said the current panic withdrawals that have hit the financial sector will not break any of GN’s financial institutions.

He has been assuring that no customer will lose a pesewa and urged clients to remain calm as the bank streamlines its activities to meet the demands of the clients.

“No customer of a Groupe Nduom financial institution has lost one pesewa in 25 years.

“By God’s Grace and our hard work, this will never happen!

“… We will demonstrate to GN Bank’s 1.2 million customers and Gold Coast Fund Management’s 800,000 customers that their funds are safe with us.

“We will show our customers that GN Bank has one of the lowest non-performing loan portfolios in Ghana, at less than 3%”, Dr. Nduom said in a statement a few weeks earlier.

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