Reinstate GN Bank’s license – PPP appeals to Akufo-Addo

GN Bank
GN Bank

The Progressive People’s Party (PPP) has appealed to President Nana Addo Dankwa Akufo-Addo to cause the reinstatement of the GN Banks’ license.

It said GN Bank and BlackShield, which belonged to Dr Papa Kwesi Nduom, had invested heavily in technology reaching 300 locations across Ghana and giving over 6,000 men and women jobs yet, its license to function had been taken and prayed the President to reinstate the license.

“We hereby make a special appeal to the President of the Republic to use his authority to cause the reinstatement of the GN Bank license,” the Party said in a press release signed by Nana Ofori Owusu, its Chairman, and made available to the Ghana News Agency.

It also called on the Government to pay all customers of all regulated financial institutions whose licenses were revoked by government regulators without conditions.

The PPP said Government must also
pay monies owed contractors with interest for non-payment over the years and restore their contracts.

“Give credit to the financial institutions affected for the debts accumulated (including interest) from financing contracts awarded by State agencies.”

The statement said some of those institutions had complained that they were owed by the contractors employed by State agencies, thus the need for Government to pay debts owed contractors to address the situation.

The Party claimed some customers of banks and non-bank financial institutions had still not received all their deposits and asked Government to do the needful.

It alleged the Ministry of Finance and Economic Planning had directed funds to some financial institutions to pay contractors bypassing the original lenders.

“This has the potential of denying the original lenders funds due them and likely to cause huge judgements debts and financial loss to the State,” the PPP stated.

It appealed to the President to direct Securities and Exchange Commission (SEC) to make sure that all customers of fund managers, including Gold Coast/Black Shield were paid their investments without conditions.

“We are confident that the President will intervene in these matters to end the pain and suffering of customers, protect indigenous companies and save the much-needed jobs for the betterment of the Republic of Ghana,” it said.

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