The National Youth Organizer of the Progressive People’s Party (PPP), Divine Nkrumah has opined that the leader and founder of the party is a great businessman contrary to the popular notion that he is a failed one.
According to him, the government of the day is just throwing dust in the eyes of Ghanaians by attributing the collapse of GN Bank to poor management practises.
To him, the collapse of the bank, owned by Dr. Nduom was a desperate attempt by the government in power to render him politically irrelevant.
He made this allegation in an interview on Happy 98.9 FM’s ‘Epa Hoa Daben’ with host Afrifa-Mensah. “Collapse of GN Bank was a calculated attack to destroy Dr. Nduom. They are deceiving Ghanaians and whomever tells you Dr. Nduom never properly managed the bank, tell him it is a lie.”
Speaking about the support offered the Prudential and ADB banks to survive, Divine queried, “what went so bad the same thing could not be done for GN Bank?”
On his authority, Dr. Nduom was not even asking for relief from the government to save his bank. But he was demanding money owed him by the government. “The government refused to pay him his money though Dr. Nduom had the documents to support his claim.”
“The mismanagement of some banks led to their collapse but that was not the case of Dr. Nduom,” he reiterated.
The former national executive of the Convention People’s Party acknowledged that it will only take a matter of time for all these truths to be revealed.
On 11th September, 2017, the Bank of Ghana (BoG) announced an increase in the minimum capital requirement for banks from GHS 120 Million to GHS 400 Million (an increase of 233%) by December 31, 2018, giving Universal banks less than 18 months to source additional funds to beef up their capital.
The inability of some banks including the GN Bank to meet this requirement led to the bank being reduced to a savings and loans finanacial institution.
By: Joel Sanco