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Management of the GN Bank has released a statement to challenge the Bank of Ghana’s decision to revoke the license of the financial institution.

The statement reads, “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.

It added that “Neither shareholders nor management of GN Savings has received any official communication from the BoG regarding receivership.”

The Bank of Ghana on Friday revoked the licenses of twenty-three (23) insolvent savings and loans companies and finance house companies including the GN Savings Limited.

According to the bank of Ghana, the revocation of the licence of the institutions had become necessary because they were insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency

However, in responding to the statement, GN bank noted that the bank was not only solvent but would be highly liquid if, the Ministry of Finance, simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities.

It stated “We expect this matter to be resolved in due course.

 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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