Dr. Paa Kwesi Nduom, a former Presidential Candidate of the CPP and the PPP has blamed the Nana Addo Dankwa Akufo-Addo government for the collapse of GN Bank.
GN bank, a subsidiary of the Nduom Group of Companies collapsed in 2019 alongside other local banks during a financial sector cleanup under the supervision of former Finance Minister Ken Ofori Atta.
According to him, GN Bank was in a financial ditch at the time because they had given out loans to Ghanaian contractors to execute government projects and didn’t get the monies back.
He said GN Bank would have still been in operation if the government had paid the contractors for the company to recoup their investment but were rather shut down by the same institution owing them.
“If we finance Ghanaian contractors, that money should come back to the company but they didn’t pay. That money is with the government and its agencies and they know it. Both the former Finance Minister and the current one are aware of what I’m talking about.”
“The head of COCOBOD is aware of what I’m talking about because we pre-financed a lot of the cocoa roads but the government didn’t pay us money and rather ended up collapsing our bank,” Dr. Paa Kwesi Nduom said.