John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has expressed his deep concern over the issues plaguing the financial sector cleanup done by the government, highlighting the need for a comprehensive and transparent approach to address the challenges facing the industry.
He emphasized his strong conviction that Indigenous participation in the financial sector is vital, stressing the need for greater inclusion and representation of local stakeholders in the industry.
Accordingly, the NDC flagbearer expressed his gratitude for the opportunity to engage directly with those impacted, listening to their experiences and concerns firsthand.
“I had the privilege of meeting with Dr. Kwesi Ndoum and his team from GN Bank to receive their petition to restore their revoked banking license”.
“The closure of banks like GN Bank and UT Bank has had a significant impact on not only the employees but also the communities they served. I have always maintained that the government’s approach to the banking sector cleanup was hasty and lacking in necessary considerations for the social impact it would have”.
John Dramani Mahama
John Mahama stressed that it is crucial for the nation to reconsider restoring the licenses of the affected indigenous banks, providing them a fair opportunity to recover and flourish once more, which is essential for promoting financial inclusion and stability.
Accordingly, he pledged that if given the chance to serve the Ghanaian people again, he would prioritize revitalizing the capital of indigenous businesses in the financial sector, empowering them to thrive and contribute to the nation’s economic growth.
The former President reaffirmed his commitment to creating an enabling environment that fosters the growth and success of these indigenous institutions, ensuring they receive a fair and equal opportunity to thrive and reach their full potential.
“I look forward to working towards a solution that benefits all involved”. – John Dramani Mahama
GN Bank Supported Rural Economic Growth- Dr. Ndoum
Meanwhile, Dr. Kwesi Ndoum, the founder of GN Bank, which was impacted by the sector cleanup, highlighted that the bank had established a vast network that served as a hub for development in numerous rural areas, providing essential financial services and supporting local economic growth.
He pointed out that the collapse of a large bank like GN Bank, with over 300 branches, is detrimental to the country’s economic interests, particularly considering the significant number of people who lost their jobs as a result.
“We built a bank from the very beginning saying that we wanted to be the people’s bank everywhere to serve the ordinary Ghanaian. So from the word go, we said we were going to build at least 300 branches and serve at least one million customers and be where any major market is in this country”.
Dr. Kwesi Ndoum
Dr. Ndoum further noted that the GN Bank brand pioneered one of the first banking interoperability systems in the country, which was launched over six years ago.
However, he revealed that the system is no longer operational, as the current government, responsible for the sector’s cleanup, froze all contracts and announced plans to review them, effectively shutting down the interoperability system.
Dr. Ndoum pointed out that the government did not terminate any of GN Bank’s contracts, instead, they awarded new contracts to the same contractors that GN Bank had pre-financed, and paid for the new contracts while neglecting to settle GN Bank’s outstanding payments.
“We said, just give us GH₵ 300 million of contract work done and certified, and if they had done that, none of our companies would have suffered any challenges. They didn’t”.
Dr. Kwesi Ndoum
He expressed his hope that GN Bank’s license would be reinstated, allowing the bank to resume operations and contribute to the country’s economic growth and development.
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