Mr. Philip Sarpiah, an ex-staff of GN Bank, has appealed to the President, His Excellency Nana Addo Dankwa Akuffo-Addo to restore to GN Bank its operational license.
According to Mr. Sarpiah, the revocation of the license of the Bank has led to the unemployment of more than 6,000 ex-staff of the bank, rendering them jobless.
Mr. Sarpiah, a former Coordinator of the Micro Enterprise Business Department of the Bank, participated in a street protest in Accra, starting at Obra Spot, Kwame Nkrumah Circle at 10:00 am, and progressing to Independence Square where he submitted a petition to an official at the Presidency.
Mr Sarpiah disclosed that he had worked at GN Bank for 8 years, prior to the revocation of its license in August 2019.
The bank, according to Mr. Sarpiah, had employed over 6,000 individuals before the financial sector crisis, many of whom are now unemployed and facing worsening conditions.
“The unique model of GN Bank was to build wealth for ordinary Ghanaians and provide jobs and life improvement opportunities to many people in cities, towns, villages, communities, hamlets and markets.
“GN Bank served a lot of communities with public and civil servants but without a financial institution. We provided salary, pension and LEAP disbursement services to many beneficiaries due to our reach and through our many branches.”
Philip Sarpiah
Despite the bank facing operational challenges, Mr Sarpiah said there could have been a more progressive and compassionate approach than shutting it down and therefore appealed to the President to restore the bank’s license to support the government’s efforts in promoting economic growth and providing job opportunities for the youth.
Mr. Sarpiah argued that this would assist in rebuilding trust in local Ghanaian business owners and private sector players. The protest led by Mr Sarpiah was peaceful, with a small number of police officers present for security.
Prior to Mr. Sarpiah’s demonstration, the Omanhene of Edina Traditional Area, Nana Kodwo Conduah VI in course of last year, 2022, appealed to the government to resolve all issues that led to the collapse of the Groupe Nduom Companies, especially the bank, and reinstate them.
Omanhene said in doing so the unemployment rate in the area would be addressed, further pointing out that the rate of youth unemployment was frustrating and distressing, hence reviving the collapsed bank would help resolve the situation for the betterment of all.
“I will urge the government to reinstate the GN Bank’s license so that it can resume operations because the impact of its collapse on people’s living conditions has been more severe than anticipated.”
Nana Kodwo Conduah VI
Futhermore, Dr. Papa Kwesi Nduom, founder of the collapsed bank in the same year in a Facebook post was seen requesting for the restoration of the Bank.
“Indigenous, Home Grown Product. #Bring Back GN Bank…The People’s Bank!”
Dr. Nduom
Meanwhile, the Supreme Court has recently granted leave to Dr. Nduom who is challenging a decision of the Court of Appeal, to file his statement of case out of time.
According to Dr. Nduom, the case of the revocation of the bank’s license by the central bank of Ghana can only be dealt with at Arbitration.
Speaking on behalf of his client, Counsel for Dr. Nduom spearheaded by Dr. Justice Srem Sai admitted that his client had defaulted in filing his statement of case within the time specified by the rules of the Court, which he said was a genuine and inadvertent omission.
The counsel added that the said omission was not noticed until after the deadline for filing had elapsed leading to the Statement of Case not being filed within the set time and however pleaded on behalf of the Appellant, stating that the act was never deliberate, intentional, or otherwise intended to overreach the Court’s honour, grace or dignity.
The lawyer therefore prayed the court to look upon the Appellant with mercy, and grant them and the counsel leave to file the statement of case in support of the appeal.
Events That Led To The Revocation Of the Bank’s License
Dr. Ernest Addison, Governor of Bank of Ghana announced on Friday, January 4, 2019, the revocation of the bank’s license.
“The GN Bank was unable to comply with the minimum capital directive by 31st December 2018.”
Dr. Addison
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