Papa Kwesi Nduom, founder and president of Group Nduom, has stated that he has made multiple appeals to the government led by Nana Addo for the revival of his defunct businesses. His well-known GN Bank collapsed after the Bank of Ghana (BoG) revoked its license in 2018 as part of the government’s financial institutions reform program. Another business of Nduom that was affected by these reforms is Gold Coast Fund Management. He mentioned that approximately 6,000 direct jobs he created in the country were lost due to the collapse of GN Bank.
He explained that all of his companies had their funds held at the now-defunct bank, through which salaries were also paid. However, the closure of the bank, which led to funds being locked up by the BoG, resulted in the collapse of his businesses and as a direct consequence, the loss of jobs.
In a Facebook conversation titled “Disappointed but Not Discouraged,” Mr Nduom said that since 2018, he has done all he can to appeal to the current government, including traditional leaders and the clergy, to help restore GN Bank, which would, in turn, revitalise his collapsed companies and bring back jobs. However, he claimed that the Nana Addo-led government has refused to listen to his pleas.
“I have been speaking to people—chiefs, bishops, all manner of individuals, even people in this administration,” Mr Nduom said. “I have been asking them to help, writing petitions to the Akufo-Addo administration, saying let’s come together and find a solution, with the main intent being to ensure the safety and security of customers’ funds. But unfortunately, all my efforts have been in vain.”
Mr Nduom added that another reason for his plea to restore the bank was to “get our licences back and get the business going so that the jobs will be restored, and more importantly, to secure the investment funds of our customers.” However, he said, his efforts have not been successful, which is why he is now bringing his plight to the public.
He further explained that he is sharing his story because the Nana Addo-led government will soon be leaving office, and he hopes that the President will listen to him before handing over to another administration. Papa Kwesi Nduom has initiated a weekly Facebook broadcast, where he engages with the public on various topics, including the state of the country’s economy and the status of his businesses. He also uses the platform to suggest ways to improve the Ghanaian economy.
By: Albert Kuzor
