Paa Kwesi Nduom Assures GN Savings Customers That Efforts to Recover Locked Funds Continue
Dr Paa Kwesi Nduom, the businessman and President of Groupe Nduom, has moved to reassure customers of the defunct GN Savings that the company is actively working to recover locked-up funds and settle outstanding payments.
Speaking at a press conference in Accra on Friday, May 29, Dr Nduom acknowledged that many customers remain unpaid years after the Bank of Ghana revoked the savings and loans company’s licence. His remarks sought to correct what he described as a widespread misconception that all claims had already been settled.
“People were made to believe that all customers had already been paid after a receiver was appointed to handle claims,” Dr Nduom said. “That is not the case.”
A Long-Running Financial Dispute
The collapse of GN Savings was part of a broader banking sector cleanup that saw the Bank of Ghana revoke licences from several financial institutions. A receiver was subsequently appointed to manage claims from affected customers and depositors.
Dr Nduom recalled that former President Nana Addo Dankwa Akufo-Addo and former Bank of Ghana Governor Dr Ernest Addison had repeatedly encouraged customers to file their claims with the receiver for payment. However, he noted that companies under the Groupe Nduom umbrella had themselves not received funds they had deposited with the bank.
“Our businesses saved and deposited their monies with our bank. When the licence was taken, they decided not to pay back the funds that were there. Those monies have remained locked up,” he stated.
The Path Forward
According to Dr Nduom, Groupe Nduom is currently engaging both the Bank of Ghana and the appointed receiver in an effort to reconcile accounts and determine the precise amount of money that remains unpaid.
He was candid about the gaps in available information, stating that he was not aware of who had been paid by the receiver or the total amounts involved. A proper accounting process, he argued, was essential to resolving the matter fairly.
“If the reconciliation process confirms that some legitimate customers are still owed, steps will be taken to ensure they are paid,” Dr Nduom said.
He expressed confidence that ongoing discussions with the central bank would ultimately produce a resolution, though he offered no specific timeline for when customers might expect to receive their funds.
Broader Implications
The GN Savings case remains one of the most prominent examples of the fallout from Ghana’s banking sector consolidation. For thousands of customers who lost access to their savings, the question of repayment continues to be a source of frustration and financial hardship.
Dr Nduom’s public assurances, while welcomed by some, will be measured against the pace and transparency of the reconciliation process in the months ahead.
Image Source: GHANAIAN TIMES
